The TSX Venture Exchange has accepted for filing documentation relating to a limited liability company agreement (LLCA) of Arena Investors Group Holdings LLC, dated April 3, 2025, between The Westaim Corp., Bernard Partners LLC (BP), a non-arm's-length party, and Wembley Group Partners II LP (an affiliate of CC Capital Partners LLC, a private investment firm based in New York). Arena is a global institutional asset manager founded in partnership with the company.

Pursuant to the terms of the LLCA, the company acquired the remaining 49 per cent of the equity of Arena that it did not already own from BP in exchange for the issuance of profit interests entitling the members of BP and certain other front office investment team members of Arena to receive distributions of 45 per cent of the net profits of Arena on a continuing basis. CC Capital is entitled to receive distributions of 6 per cent of the net profits of Arena on a continuing basis and the company is entitled to receive the remaining 49 per cent of the net profits of Arena. In connection with this restructuring, BP's existing earn-in mechanism in respect of Arena was eliminated.

For further details, please refer to the company's news releases dated Oct. 9, 2024, Dec. 19, 2024, March 27, 2025, and April 3, 2025.

The TSX Venture Exchange has accepted for filing documentation relating to a limited partnership agreement (LPA) of Salem Group Partners LP, dated Oct. 9, 2024, between the company, as the holder of 100 per cent of the partnership interests, and an affiliate of CC Capital, as general partner. The LPA provides the company with the ability to remove the CC Capital affiliate as general partner under certain circumstances.

The company shall use the proceeds from CC Capital's investment, additional capital from its balance sheet and capital from the monetization of certain existing assets to invest up to $620-million (U.S.) in Salem Partners.

For further details, please refer to the company's news releases dated Oct. 9, 2024, Dec. 19, 2024, March 27, 2025, and April 3, 2025.

The TSX Venture Exchange has accepted for filing documentation in connection with the company's non-arm's-length disposition, dated Dec. 18, 2024, between a wholly owned subsidiary of the company, Arena Finance National LLC (AFN), Vio SPV LLC and Arena BA Lender SPV LLC (Marlette). AFN has sold all of its membership interest in Vio and Marlette to the other members of Vio and Marlette. As consideration, AFN shall receive a cash payment of $133,555 (U.S.).

For further details, please refer to the company's news release dated March 26, 2025.