{"url_path":"/sec/svac/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 MAJOR SHAREHOLDERS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-16","source_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-084015-index.html","accession_number":"0001104659-26-084015","cik":"0002074850","ticker":"SVAC","issuer_name":"General Fusion Group Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-084015-index.html","primary_entity_key":"0002074850","primary_entity_name":"General Fusion Group Ltd."},"word_count":1685,"has_tables":true,"body_markdown":"**ITEM 7. MAJOR SHAREHOLDERS\nAND RELATED PARTY TRANSACTIONS**\n\n \n\nInformation regarding the\nownership of the New GF Subordinate Voting Shares by our major shareholders and others that control or may control the Company is included in the\nProxy Statement/Prospectus under the section entitled “*Beneficial Ownership of New General Fusion Securities*” and is\nincorporated herein by reference.\n\n \n\n**A. Major Shareholders**\n\n \n\nThe SEC has defined “beneficial\nownership” of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security.\nA shareholder is also deemed to be, as of any date, the beneficial owner of all securities that such shareholder has the right to acquire\nwithin 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security,\n(iii) the power to revoke a trust, discretionary account or similar arrangement, or (iv) the automatic termination of a trust,\ndiscretionary account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership\nof that person, New GF Subordinate Voting Shares subject to options, warrants, New GF Multiple Voting Shares or other rights (as set forth above)\nheld by that person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while\nsuch shares are not deemed outstanding for purposes of computing percentage ownership of any other person. Each person named in the table\nhas sole voting and investment power with respect to all of the New GF Subordinate Voting Shares shown as beneficially owned by such person,\nexcept as otherwise indicated in the table or footnotes below.\n\n \n\nThe beneficial ownership of the Company set forth\nbelow is based on 63,544,792 New GF Subordinate Voting Shares issued and outstanding as of the Closing Date. We deemed to be outstanding\nall New GF Subordinate Voting Shares subject to options, warrants, New GF Multiple Voting Shares or other rights held by the person that\nare currently exercisable or exercisable within 60 days of the Closing Date. We did not deem such shares outstanding, however, for the\npurpose of computing the percentage ownership of any other person.\n\n \n\nUnless otherwise indicated\nand subject to applicable community property laws, the Company believes that all persons named in the table below have sole voting and\ninvestment power with respect to all New GF Subordinate Voting Shares beneficially owned by them. To our knowledge, none of the New GF\nSubordinate Voting Shares beneficially owned by any executive officer, director or director nominee have been pledged as security. Unless\notherwise indicated, the address of each shareholder named below is 6020 Russ Baker Way, Richmond, British Columbia V7B 1B4, Canada.\n\n \n\n 5 \n\n \n\n \n\n \n\n**Name and Address of Beneficial\nOwners**\n \n\n**Number of New GF**\n\n**Subordinate Voting Shares**\n\n \n \n**%**\n \n \n\n**Five Percent Holders**\n \n \n \n \n \n \n \n \n\nAlyeska Master Fund, L.P.(1)\n \n \n19,186,274\n \n \n \n26.9\n%\n\nBDC Capital Inc.(2)\n \n \n12,364,458\n \n \n \n17.0\n%\n\nSegra New Energy Opportunities I, L.P.(3)\n \n \n6,302,212\n \n \n \n9.9\n%\n\nPenderFund Capital Management Ltd.(4)\n \n \n6,222,744\n \n \n \n9.8\n%\n\nSpring Valley Acquisition III Sponsor, LLC\n \n \n5,296,667\n \n \n \n8.3\n%\n\nMeteora Capital, LLC (5)\n \n \n3,390,000\n \n \n \n5.3\n%\n\n**Directors and Executive Officers:**\n \n \n \n \n \n \n \n \n\nGreg Twinney(6)\n \n \n1,546,748\n \n \n \n2.4\n%\n\nMark Little(7)\n \n \n648,096\n \n \n \n1.0\n%\n\nMichel Laberge(8)\n \n \n293,270\n \n \n \n*\n \n\nMegan Wilson(9)\n \n \n281,052\n \n \n \n*\n \n\nMichael Donaldson(10)\n \n \n272,995\n \n \n \n*\n \n\nJan Laishley(11)\n \n \n229,041\n \n \n \n*\n \n\nRobert Crystal(12)\n \n \n132,247\n \n \n \n*\n \n\nKlaas de Boer(13)\n \n \n107,134\n \n \n \n*\n \n\nNorman Harrison(14)\n \n \n16,978\n \n \n \n*\n \n\nThomas Boehlert(15)\n\n \n \n20,000\n \n \n \n*\n \n\nWendy Kei\n\n \n \n-\n \n \n \n-\n \n\nChristopher Sorrells\n \n \n-\n \n \n \n-\n \n\n**All Directors and Executive Officers (12 Individuals)**\n \n \n**3,547,561**\n \n \n \n**5.6**\n**%**\n\n \n \n \n \n \n \n \n \n \n \n \n\n  \n\n 6 \n\n \n\n \n\n \n(1)\nReflects 3,500,000 New GF Subordinate Voting Shares, 7,843,137 New GF Subordinate\nVoting Shares issuable upon the conversion of the same number of New GF Multiple Voting Shares and 7,843,137 New GF Subordinate Voting\nShares issuable upon the exercise of New GF PIPE Warrants. The New GF Multiple Voting Shares and New GF PIPE Warrants are subject to a\nbeneficial ownership limitation (“blocker”) of 9.9%, which prohibits Alyeska Master Fund, L.P. from converting or exercising\nsuch securities to the extent that such conversion or exercise would cause Alyeska Master Fund, L.P. to beneficially own in excess of\n9.9% of the outstanding New GF Subordinate Voting Shares. As a result of this blocker provision, the New GF Subordinate Voting Shares\nunderlying such New GF Multiple Voting Shares and New GF PIPE Warrants are not exercisable within 60 days but are included in the beneficial\nownership in the table above. The business address of Alyeska Master Fund, L.P., is 77 W. Wacker, Suite 700, Chicago, IL 60601.\nAlyeska Investment Group, L.P., the investment manager of Alyeska Master Fund, L.P., has voting and investment control of the shares held\nby Alyeska Master Fund, L.P. Anand Parekh is the Chief Executive Officer of Alyeska Investment Group, L.P. and may be deemed to be the\nbeneficial owner of such shares. Mr. Parekh, however, disclaims any beneficial ownership of the shares held by Alyeska Master Fund,\nL.P. Alyeska Investment Group, L.P. is located at 77 W. Wacker, Suite 700, Chicago, IL 60601.\n\n \n\n \n(2)\nBDC Capital Inc. beneficially owns 3,287,483 New GF Subordinate Voting\nShares and 9,076,980 New GF Warrants. BDC Capital Inc. is a wholly owned subsidiary of the Business Development Bank of Canada, which\nis a federal Crown corporation wholly owned by His Majesty the King in right of Canada. It is governed by a board of directors appointed\nby the Business Development Bank of Canada, and the board of directors has overall responsibility for the management and supervision of\nits business and affairs, subject, for certain prescribed corporate actions, to government approval requirements under a framework of\nspecific approvals, thresholds, and conditions set out through proclamations, regulations, Orders in Council, and applicable Treasury\nBoard policies. Listed address is 5 Place Villa Marie, Bureau 100, Montreal, QC, H3B.\n\n \n\n \n(3)\nSegra New Energy Opportunities I, L.P. beneficially owns approximately 6,302,212 New GF Subordinate Voting Shares. The manager of Segra New Energy Opportunities I, L.P. is Segra Capital Management, LLC. Adam Rodman is the Chief Investment Officer of Segra Capital Management, LLC. Segra Capital Management, LLC and Adam Rodman may be deemed to have voting and investment power over the shares held of record by Segra New Energy Opportunities I, L.P. Adam Rodman disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein. Listed address is 1675 S. State Street, Suite B Dover, DE, USA 19901.\n\n \n\n \n(4)\nPenderFund Capital Management Ltd. (“PenderFund”) is the investment fund manager of Pender Growth Fund Inc., Pender Small Cap Opportunities Fund, Pender Global Small Mid Cap Fund, Pender Alternative Select Equity Fund, and Pender Alternative Special Situations Fund (collectively with PenderFund, the “Pender Funds”). David Barr is the President and Chief Executive Officer of PenderFund and the Manager of the Pender Funds. The Pender Funds beneficially own an aggregate of 6,071,205 New GF Subordinate Voting Shares and 151,539 New GF Warrants to purchase New GF Subordinate Voting Shares, allocated as follows: (i) Pender Small Cap Opportunities Fund: 3,548,957 New GF Subordinate Voting Shares and 92,699 New GF Warrants; (ii) Pender Growth Fund Inc.: 2,382,544 New GF Subordinate Voting Shares and 58,840 New GF Warrants; (iii) Pender Global Small Mid Cap Fund: 82,156 New GF Subordinate Voting Shares; (iv) Pender Alternative Select Equity Fund: 52,352 New GF Subordinate Voting Shares; and (v) Pender Alternative Special Situations Fund: 5,196 New GF Subordinate Voting Shares. The registered office address of PenderFund is 1830 — 1066 West Hastings Street, Vancouver, British Columbia, V6E 3X2.\n\n \n\n \n(5)\nBased on a Schedule 13G filed on July 8, 2026, by Meteora Capital, LLC (“Meteora”), a Delaware limited liability company, Meteora beneficially owns 3,390,000 New GF Subordinate Voting Shares. Listed Address is 1200 N Federal Hwy, #200, Boca Raton FL 33432.\n\n \n\n 7 \n\n \n\n \n\n \n(6)\nGreg Twinney beneficially owns 290,533 New GF Subordinate Voting Shares, and 1,256,215 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(7)\nMark Little beneficially owns an aggregate of 628,419 New GF Subordinate Voting Shares, and 19,677 fully vested New GF Subordinate Voting Share options directly and indirectly through Ruth Little; Ruth Little owns 293,977 New GF Subordinate Voting Shares.\n\n \n\n \n(8)\nMichel Laberge beneficially owns an aggregate of 243,031 New GF Subordinate Voting Shares, and 50,239 fully vested New GF Subordinate Voting Share options directly and indirectly through 1334789 B.C. Ltd; 1334789 B.C. Ltd owns 116,053 New GF Subordinate Voting Shares.\n\n \n\n \n(9)\nMegan Wilson beneficially owns 51,149 New GF Subordinate Voting Shares, and 229,903 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(10)\nMichael Donaldson beneficially owns 791 New GF Subordinate Voting Shares, and 272,204 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(11)\nJan Laishley beneficially owns 16,074 New GF Subordinate Voting Shares, and 212,967 fully vested New GF Subordinate Voting Share options. Listed address is 6020 Russ Baker Way, Richmond, BC V7B 1B4.\n\n \n\n \n(12)\nRobert Crystal beneficially owns 21,919 New GF Subordinate Voting Shares, and 110,328 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(13)\nKlaas de Boer beneficially owns 107,134 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(14)\nNorman Harrison beneficially owns 16,978 fully vested New GF Subordinate Voting Share options.\n\n \n\n \n(15)\nThomas Boehlert beneficially owns 20,000 New GF Subordinate Voting Shares.\n\n \n\n 8 \n\n \n\n \n\nTo our knowledge, none of\nour major shareholders have voting rights that differ from those of other holders of New GF Subordinate Voting Shares, except for the\nholders of the New GF Multiple Voting Shares, which have the consent rights described in the Proxy Statement/Prospectus under the section\nentitled “*The Business Combination—Related Agreements—PIPE Subscription Agreements,”* which is incorporated\nherein by reference. Each New GF Subordinate Voting Share entitles the holder thereof to one vote on all matters submitted to a vote of\nshareholders.\n\n \n\nTo our knowledge, the Company\nis not directly or indirectly owned or controlled by any other corporation, any foreign government, or any other natural or legal person,\nseverally or jointly, except as set forth in the beneficial ownership table above.\n\n \n\nTo our knowledge, there are\nno arrangements the operation of which may at a subsequent date result in a change of control of the Company.\n\n \n\n**B. Related Party Transactions**\n\n \n\nInformation regarding certain\nrelated party transactions is included in the Proxy Statement/Prospectus under the section entitled “*Certain Relationships and\nRelated Transactions*” and is incorporated herein by reference.\n\n \n\n**C. Interests of Experts and Counsel**\n\n \n\nNot applicable."}