{"url_path":"/sec/svac/8-k/2026-06-24/item-2-03","section_key":"item-2-03","section_title":"Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-24","source_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-077363-index.html","accession_number":"0001104659-26-077363","cik":"0002074850","ticker":"SVAC","issuer_name":"General Fusion Group Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-077363-index.html","primary_entity_key":"0002074850","primary_entity_name":"Spring Valley Acquisition Corp. III"},"word_count":340,"has_tables":true,"body_markdown":"**Item\n2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**\n\n \n\nOn\nJune 23, 2026, Spring Valley Acquisition Corp. III (the “Company”) issued an unsecured promissory note (the “Note”)\nin the principal amount of up to $1,500,000 to Spring Valley Acquisition Sponsor III, LLC (the “Sponsor”), a significant shareholder\nof the Company, which may be drawn down from time to time prior to the Maturity Date (defined below) upon request by the Company. The\nNote does not bear interest and the principal balance will be payable on the date on which the Company consummates its initial business\ncombination (such date, the “Maturity Date”). In the event the Company consummates its initial business combination, the Sponsor\nhas the option on the Maturity Date to convert all or any portion of the principal outstanding under the Note into that number of warrants\n(“Working Capital Warrants”) equal to the portion of the principal amount of the Note being converted divided by $0.90, rounded\nup to the nearest whole number. The terms of the Working Capital Warrants, if any, would be identical to the terms of the private placement\nwarrants issued by the Company at the time of its initial public offering (the “IPO”), as described in the prospectus for\nthe IPO dated September 3, 2025 and filed with the U.S. Securities and Exchange Commission, including the transfer restrictions applicable\nthereto. The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal\nbalance of the Note and all other sums payable with regard to the Note becoming immediately due and payable.\n\n \n\nThe\nissuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933,\nas amended.\n\n \n\nThe\nforegoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is filed as\nExhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference."}