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 Income Tax Act (Canada), and the Class B Non-Voting Shares are eligible investments for registered plans such as registered retirement savings plans. For shareholders holding Fund shares in registered plans, there should be no immediate tax consequences arising from the receipt of the dividend-in-kind.

PFM Venture Capital Operations Inc. (the “Manager”) has agreed to manage the Steel Reef Interest and to pursue an orderly disposition strategy designed to maximize value for holders of Class B Non-Voting Shares.

The Proposed Steel Reef Transaction and its rationale are described in more detail in the management proxy circular of SaskWorks dated November 7, 2025 and in the Prospectus, both available on SEDAR+ at www.sedarplus.ca.

The Fund does not intend to provide further public updates unless required by applicable securities laws.

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Contact

Rob Duguid
Chief Executive Officer & Corporate Secretary
SaskWorks Venture Fund Inc.
Tel: (306) 791-4855
pfm@pfm.ca / investorrelations@pfm.ca