October 30, 2026
SaskWorks Venture Fund Inc. Announces Closing of Proposed Steel Reef Transaction
Regina, Saskatchewan – SaskWorks Venture Fund Inc. (“SaskWorks” or the “Fund”) announced today that it has completed the previously proposed transaction (the “Proposed Steel Reef Transaction”) pursuant to which the Fund transferred its minority investment (the “Steel Reef Interest”) in Steel Reef Infrastructure Corp. to SRIC Holdings Inc. (“Newco”) in exchange for 130,000,000 Class B Non-Voting Shares of Newco and a promissory note. On July 16, 2026, SaskWorks announced that Newco had filed the non-offering prospectus dated July 15, 2026 (the “Prospectus”) and that SaskWorks expected to consummate the Proposed Steel Reef Transaction on or before October 30, 2026. Following the closing, the Fund has declared and paid a dividend-in-kind to holders of Fund Shares, distributing the Class B Non-Voting Shares to such shareholders on a pro-rata basis. Newco has elected to become a “public corporation” for purposes of the