SaskWorks Venture Fund Inc. Provides Update on Steel Reef Investment
Regina, Saskatchewan – SaskWorks Venture Fund Inc. (“SaskWorks” or the “Fund”) is providing an update regarding its previously disclosed plans to facilitate an orderly disposition of SaskWorks’ minority investment (the “Steel Reef Interest”) in Steel Reef Infrastructure Corp. (“Steel Reef”).
On February 17, 2026, SaskWorks announced that, following constructive engagement with applicable regulators, SaskWorks had received a short administrative accommodation to evaluate an alternative path that could achieve the objectives of an orderly disposition by SaskWorks of the Steel Reef Interest without the complexity and cost of the previously proposed restructuring (the “Proposed Steel Reef Transaction”) between SaskWorks and SRIC Holdings Inc. (“Newco”). SaskWorks further advised, in an April 21, 2026 update, that it expected to consummate the Proposed Steel Reef Transaction unless SaskWorks disposed of the Steel Reef Interest under an alternative transaction before the expiry or termination of such administrative accommodation.
Newco has today filed a non-offering prospectus dated July 15, 2026 (the “Prospectus”) for the purpose of allowing Newco to: (i) become a reporting issuer and (ii) qualify for distribution the 130,000,000 Class B Non-voting Shares of Newco, which will be issued in connection with the Proposed Steel Reef Transaction, if the Proposed Steel Reef Transaction is required.
SaskWorks continues to evaluate an alternative path that could achieve the objectives of an orderly disposition of the Steel Reef Interest without the complexity and cost of the Proposed Steel Reef Transaction. At this time, SaskWorks expects to consummate the Proposed Steel Reef Transaction on or before the anticipated closing date of October 30, 2026, unless SaskWorks disposes of the Steel Reef Interest under an alternative transaction before such date. The Proposed Steel Reef Transaction remains subject to receipt of required regulatory approvals.
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.
About SaskWorks Venture Fund Inc.
SaskWorks is a Saskatchewan-based retail mutual fund that invests in privately held small and medium-sized businesses primarily operated in Saskatchewan. SaskWorks has a net asset value of over $504 million with over 22,000 Saskatchewan-based shareholders. Since its inception in 2001, SaskWorks has enabled Saskatchewan residents to keep their investment dollars at home while supporting the growth of a diversified portfolio of Saskatchewan-based companies. For more information, please visit www.saskworks.ca.
Forward-Looking Information
This press release contains forward-looking statements, including statements regarding potential regulatory accommodations, the timing of disposition, and future transactions. Forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, among others, regulatory decisions, market conditions, the availability of purchasers for the Steel Reef Interest, and the timing and outcome of any sale process. The Fund undertakes no obligation to update forward-looking statements except as required by law.
Contact
Rob Duguid
Chief Executive Officer & Corporate Secretary
SaskWorks Venture Fund Inc.
Tel: (306) 791-4855
pfm@pfm.ca / investorrelations@pfm.ca