{"id":72371,"date":"2026-01-22T05:41:09","date_gmt":"2026-01-22T13:41:09","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=news&p=72371"},"modified":"2026-01-22T05:43:32","modified_gmt":"2026-01-22T13:43:32","slug":"pender-growth-fund-portfolio-company-general-fusion-announces-a-proposed-business-combination","status":"publish","type":"news","link":"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-portfolio-company-general-fusion-announces-a-proposed-business-combination\/","title":{"rendered":"Pender Growth Fund Portfolio Company, General Fusion, Announces a Proposed Business Combination"},"content":{"rendered":"

VANCOUVER, B.C., January 22, 2026, (TSXV: PTF): <\/strong>Pender Growth Fund Inc. (the \u201cCompany\u201d or \u201cPTF\u201d) is pleased to report that long-time holding General Fusion Inc. (\u201cGeneral Fusion\u201d) has announced that it has entered into a definitive business combination agreement (the \u201cProposed Business Combination\u201d) with Spring Valley Acquisition Corp. III (\u201cSVAC\u201d). Upon closing, the Proposed Business Combination is expected to result in General Fusion listing on the Nasdaq and trading under the ticker symbol \u201cGFUZ\u201d.<\/p>\n

The Proposed Business Combination between General Fusion and SVAC is expected to be completed in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals. The Proposed Business Combination implies an approximately US$1 billion pro-forma equity value inclusive of approximately US$100 million from a committed financing and US$230 million of SVAC\u2019s trust capital (assuming no redemptions). If successfully completed at the current terms, the net asset value (\u201cNAV\u201d) of PTF is anticipated to increase on a net basis by approximately CAD$27.3 million. There are currently 6,933,229 Class C shares of PTF issued and outstanding, and the increase is anticipated to represent approximately CAD$3.93 per PTF share.<\/p>\n

This is exciting news for General Fusion. After more than twenty years of developing and demonstrating its Magnetized Target Fusion (MTF) technology, the company has built and is operating a world-first large scale MTF demonstration machine, called Lawson Machine 26 (\u201cLM26\u201d), which puts it at the forefront of practical fusion technology development efforts. General Fusion intends to use the proceeds of the transaction with SVAC to further advance the LM26 program and aims to achieve key technical milestones on the path to commercial fusion, which it sees as a practical solution to producing clean, commercially viable, cost-effective energy at a time when energy demands will grow between 40% and 50% by 2035 (according to The International Energy Agency\u2019s World Energy Outlook for 2025).<\/p>\n

At Pender, we\u2019re excited about the long-term potential of nuclear fusion as a critical part of future industrial infrastructure. Its development sits at the intersection of two key investment themes we continue to focus on: the energy transition and the scaling demands of artificial intelligence (\u201cAI\u201d) and digital infrastructure.<\/p>\n

As the energy requirements of the digital economy grow exponentially, we anticipate that those demands will become a meaningful commercial driver for fusion deployment. As a result, we believe that fusion is evolving and increasingly looks like essential infrastructure for energy security, and the broader energy transition.<\/p>\n

A news release issued by General Fusion provides further information and can be found here:<\/p>\n

https:\/\/generalfusion.com\/post\/general-fusion-business-combination-announcement\/<\/a><\/p>\n

About Pender Growth Fund Inc.<\/strong><\/p>\n

The Company\u2019s objective is to achieve long-term capital appreciation for its investors. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The Company trades on the TSX Venture Exchange under the symbol \u201cPTF\u201d. The Company posts its Reporting NAV on its website, generally within five business days of each month end.<\/p>\n

Please visit www.pendergrowthfund.com.<\/p>\n

About General Fusion<\/strong><\/p>\n

General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, Canada. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers.<\/p>\n

Learn more at www.generalfusion.com.<\/p>\n

Pour plus de renseignements, veuillez communiquer avec :<\/p>\n

Melanie Moore
\n<\/strong>Vice-pr\u00e9sidente du marketing
\nGestion de capital PenderFund lt\u00e9e
\nmmoore@penderfund.com
\n(604) 688-1511
\nSans frais : (866) 377-4743<\/p>\n

Ni la Bourse de croissance TSX ni son fournisseur de services de r\u00e9glementation (tel que ce terme est d\u00e9fini dans les politiques de la Bourse de croissance TSX) n\u2019acceptent de responsabilit\u00e9 quant \u00e0 la pertinence ou \u00e0 l\u2019exactitude du pr\u00e9sent communiqu\u00e9 de presse.<\/em><\/p>\n

Renseignements sur les \u00e9nonc\u00e9s prospectifs <\/strong><\/p>\n

This news release may contain \u201cforward-looking information\u201d (within the meaning of applicable Canadian securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as \u201cbelieve\u201d, \u201canticipate\u201d, \u201cproject\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cwill\u201d, \u201cmay\u201d, \u201cestimate\u201d and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding to the following (collectively, the \u201cForward Looking Items\u201d): the Proposed Business Combination, including, but not limited to, the anticipated terms of the Proposed Business Combination, the anticipated closing conditions of the Business Combination Agreement, the anticipated timing for closing the Proposed Business Combination, the anticipation that, upon closing of the Proposed Business Combination, General Fusion will list on the Nasdaq under the ticker symbol \u201cGFUZ\u201d, the anticipated pro-forma equity value of General Fusion following the closing of the Proposed Business Combination, the anticipated increase in the NAV of PTF following the closing of the Proposed Business Combination and the anticipated use of proceeds from the Proposed Business Combination; the anticipated benefits of LM26 and the belief that LM26 will be a practical solution to producing clean, commercially viable, cost-effective energy; the anticipated increase in energy demands; and the anticipated long-term potential of nuclear fusion as a critical part of future industrial infrastructure for energy security and the broader energy transition.<\/p>\n

The forward-looking statements in this news release are based on various assumptions (collectively, the \u201cForward Looking Assumptions\u201d), including, without limitation, assumptions that each of the Forward Looking Items will occur or be achieved as described above.The forward-looking information herein are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict.<\/p>\n

A number of factors could cause actual results to differ materially from those discussed in the Forward Looking Items, including, without limitation, the risk that any of the Forward Looking Items will not occur as anticipated. Additional risk factors are discussed under the heading \u201cRisk Factors\u201d in the Company's annual information form available under its issuer profile on SEDAR+ at www.sedarplus.ca. There can be no assurance that the forward-looking information herein will prove to be accurate as actual outcomes and results may differ materially from those expressed in this news release. Readers, therefore, should not place undue reliance on any such forward-looking information. Further, the forward-looking information herein is made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking information herein, whether as a result of new information, future events or otherwise.<\/p>\n

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