VANCOUVER, B.C., July 6, 2026, (TSXV: PTF): Pender Growth Fund Inc. (the “Company” or “PTF”) is pleased to report that, further to the January 22, 2026 announcement of the proposed business combination (the “Business Combination”) of long-time holding General Fusion Inc. (“General Fusion”) with Spring Valley Acquisition Corp. III (“SVAC”), shareholder approval for the Business Combination was received at an extraordinary general meeting of SVAC shareholders held on July 6, 2026. The Business Combination is expected to close shortly hereafter, subject to the satisfaction of customary closing conditions.

At the closing, Spring Valley Acquisition Corp. III will be renamed “General Fusion Group Ltd”. Shortly thereafter, the combined company’s shares and warrants are expected to trade on the Nasdaq under the ticker symbols “GFUZ” and “GFUZW” respectively, subject to approval of its listing application.

If successfully completed, we estimate that the net asset value (“NAV”) of PTF could increase by a net amount of approximately CAD$15.89 million, which is approximately CAD$2.31 per PTF share.

At Pender, we’re excited about the long-term potential of fusion energy as a critical part of future industrial infrastructure. Its development sits at the intersection of two key investment themes we continue to focus on: energy transition and the scaling demands of artificial intelligence (“AI”) and digital infrastructure.

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 broader energy transition.

A news release issued by General Fusion provides further information and can be found here: https://www.globenewswire.com/news-release/2026/07/06/3322805/0/en/spring-valley-acquisition-corp-iii-shareholders-approve-business-combination-with-general-fusion.html 

About Pender Growth Fund Inc.
The Company’s 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 “PTF”. The Company posts its Reporting NAV on its website, generally within five business days of each month end.
Please visit www.pendergrowthfund.com. 

For further information, please contact:
Melanie Moore
Vice President of Marketing
PenderFund Capital Management Ltd.
mmoore@penderfund.com
(604) 688-1511
Toll Free: (866) 377-4743 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Forward-Looking Information
This news release may contain “forward-looking information” (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 “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” 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 “Forward Looking Items”): the anticipated closing of the Business Combination, including the anticipated timing thereof and the satisfaction of customary closing conditions; the renaming of Spring Valley to "General Fusion Group Ltd." at the closing of the Business Combination; the anticipated listing and trading of the combined company's shares and warrants on the Nasdaq under the ticker symbols "GFUZ" and "GFUZW", respectively, subject to approval of its listing application; the estimated increase in the NAV of PTF, by a net amount of approximately CAD$15.89 million (approximately CAD$2.31per PTF share), if the Business Combination is successfully completed; the anticipated growth in the energy requirements of the digital economy and the expectation that such demands will become a meaningful commercial driver for fusion deployment; and the anticipated long-term potential of fusion energy as a critical part of future industrial infrastructure for energy security and the broader energy transition.

The forward-looking statements in this news release are based on various assumptions (collectively, the “Forward Looking Assumptions”), 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.

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 “Risk Factors” 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.