BDC Capital Inc. (GFUZ) discloses 6.2% stake in General Fusion Group

Rhea-AI Filing Summary

BDC Capital Inc., a subsidiary of the Business Development Bank of Canada, reports beneficial ownership of 3,287,483 common shares of General Fusion Group Ltd. This represents 6.2% of the outstanding common shares, based on 52,988,419 issued and outstanding shares referenced from a Form 20-F.

BDC Capital has sole voting and dispositive power over all 3,287,483 shares, with no shared voting or dispositive power. The filing notes that it was made late because BDC Capital lacked EDGAR credentials and submitted the report promptly after renewing access.

Key Figures

Beneficially owned shares: 3,287,483 shares Ownership percentage: 6.2% Shares outstanding baseline: 52,988,419 shares +4 more

7 metrics

Beneficially owned shares 3,287,483 shares Common shares of General Fusion Group Ltd. held by BDC Capital Inc.

Ownership percentage 6.2% Percent of General Fusion Group Ltd. common shares beneficially owned by BDC Capital Inc.

Shares outstanding baseline 52,988,419 shares Issued and outstanding common shares as set forth in Form 20-F

Sole voting power 3,287,483 shares Shares over which BDC Capital Inc. has sole power to vote

Sole dispositive power 3,287,483 shares Shares over which BDC Capital Inc. has sole power to dispose

Form 20-F reference date July 16, 2026 Date of Form 20-F used for outstanding share count

Schedule 13G event date 07/10/2026 Date associated with the reported General Fusion Group Ltd. position

Key Terms

beneficial ownership, sole voting power, sole dispositive power, Crown corporation, +1 more

5 terms

beneficial ownership financial

"The Percentage of beneficial ownership is based on 52,988,419 issued"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting power financial

"Sole Voting Power 3,287,483.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 3,287,483.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Crown corporation regulatory

"Business Development Bank of Canada which is a Crown corporation whose"

Schedule 13G regulatory

"CONTENT METADATA ... form_type: "SCHEDULE 13G""

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/24/2026 - 12:30 PM Accepted by SEC EDGAR 07/24/2026 - 12:30 PM Learn about SEC filing dates

FAQ

What percentage of General Fusion Group Ltd. (GFUZ) does BDC Capital Inc. own?

BDC Capital Inc. reports beneficial ownership of 6.2% of General Fusion Group Ltd.’s common shares, holding 3,287,483 shares based on 52,988,419 issued and outstanding shares cited from a Form 20-F.

How many General Fusion Group Ltd. (GFUZ) shares does BDC Capital Inc. control?

BDC Capital Inc. beneficially owns 3,287,483 common shares of General Fusion Group Ltd. It has sole voting power and sole dispositive power over all of these shares, with no shared control reported.

What is the basis for BDC Capital’s 6.2% ownership calculation in GFUZ?

The 6.2% ownership is calculated using 52,988,419 issued and outstanding common shares of General Fusion Group Ltd., as set out in a Form 20-F filed by the company on July 16, 2026.

Did BDC Capital Inc. explain the late Schedule 13G filing for GFUZ?

Yes. BDC Capital stated the filing was late because it did not have access to its EDGAR credentials and applied for renewed access immediately after identifying the obligation, then filed promptly upon receiving credentials.

Does BDC Capital share voting or dispositive power over its GFUZ shares?

No. BDC Capital reports sole voting power over 3,287,483 shares and sole dispositive power over 3,287,483 shares, with zero shared voting or shared dispositive power in General Fusion Group Ltd.

Who ultimately owns BDC Capital Inc., the GFUZ shareholder?

BDC Capital Inc. is a subsidiary of the Business Development Bank of Canada, which is a Crown corporation whose sole shareholder is the Government of Canada, according to the disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

General Fusion Group Ltd.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

369884101

(CUSIP Number)

07/10/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 369884101

1

Names of Reporting Persons

BDC Capital Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,287,483.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,287,483.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,287,483.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 1. The Percentage of beneficial ownership is based on 52,988,419 issued and outstanding common shares as set forth in the Form 20-F filed by General Fusion Group Ltd. on July 16, 2026. 2. Late filing was due to filer not having access to its EDGAR credentials. Filer applied for renewed EDGAR access immediately upon identifying the filing obligation and filed promptly upon receiving credentials.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: General Fusion Group Ltd.
(b)	Address of issuer's principal executive offices: 6020 Russ Baker Way, Richmond, British Columbia, Canada V7B 1B4
Item 2.
(a)	Name of person filing: BDC Capital Inc. ("BDC") is a subsidiary of the Business Development Bank of Canada which is a Crown corporation whose sole shareholder is the Government of Canada.
(b)	Address or principal business office or, if none, residence: 5 Place Ville Marie Suite 100 Montreal Quebec H3B 5E7 Canada
(c)	Citizenship: Canadian
(d)	Title of class of securities: Common Shares
(e)	CUSIP Number(s): 369884101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,287,483
(b)	Percent of class: 6.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,287,483
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,287,483
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BDC Capital Inc.

Signature:	/s/ Zoltan Tompa
Name/Title:	Zoltan Tompa, Partner and Team Lead
Date:	07/24/2026

Signature:	/s/ Shirley Speakman
Name/Title:	Shirley Speakman, Managing Partner
Date:	07/24/2026