Pender Growth Fund Portfolio Company, General Fusion, Receives Shareholder Approval for Proposed Business Combination

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VANCOUVER, British Columbia, July 06, 2026 (GLOBE NEWSWIRE) — (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.

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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.

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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.

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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.

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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.

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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

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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.

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For further information, please contact:
Melanie Moore
Vice President of Marketing
PenderFund Capital Management Ltd.
[email protected]
(604) 688-1511
Toll Free: (866) 377-4743

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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.