Pender Growth Fund Portfolio Company, General Fusion, Announces a Proposed Business Combination

Executive Summary

• Pender Growth Fund Inc. (“PTF”) reports that its long‑time holding, General Fusion Inc., has entered into a definitive business combination agreement with Spring Valley Acquisition Corp. III (SVAC).
• The transaction is expected to list General Fusion on Nasdaq under the ticker “GFUZ” and to close in mid‑2026, creating an approximate US$1 billion pro‑forma equity value.
• Upon completion, PTF’s net asset value (NAV) is projected to increase by roughly CAD 27.3 million (≈CAD 3.93 per share).

Key Details

• Parties: General Fusion Inc. (target) and Spring Valley Acquisition Corp. III (SPAC).
• Transaction Structure: Definitive business combination agreement; closing subject to customary regulatory and shareholder approvals.
• Timing: Expected completion in mid‑2026.
• Pro‑forma Valuation: Approximately US$1 billion equity value, including:
• US$100 million from a committed financing package, and
• US$230 million of SVAC’s trust account (assuming no redemptions).
• Impact on PTF NAV: Anticipated net increase of CAD 27.3 million, translating to an uplift of about CAD 3.93 per Class C share (6,933,229 shares outstanding).
• Use of Proceeds (General Fusion): To advance the Lawson Machine 26 (“LM26”) magnetized target fusion demonstration program and achieve key technical milestones toward commercial fusion energy.
• Strategic Rationale: Pender highlights nuclear fusion as a long‑term infrastructure play aligned with energy transition, AI‑driven digital economy growth, and future energy security needs.

Notable Quotes

(No direct quotes were provided in the release.)