Rimon Hedge Funds Ltd entered into a binding letter agreement to acquire Seven Oaks Capital Corp. (TSXV:SEVN.P) in a reverse merger transaction on January 29, 2023. As a result of the transaction, the Rimon Shareholders shall hold 80% of the issued and outstanding Resulting Issuer Shares; (b) existing holders (the "Seven Oaks Shareholders") of common shares in the capital of Seven Oaks ("Seven Oaks Shares") shall hold 6.7% of the issued and outstanding Resulting Issuer Shares; and (c) holders of Subscription Receipts acquired in connection with the Concurrent Financing shall hold, upon exchange of their Subscription Receipts, 13.3% of the issued and outstanding Resulting Issuer Shares (the "Exchange Ratio"). Rimon intends to complete one or more brokered and/or non-brokered private placements of subscription receipts ("Subscription Receipts") for minimum proceeds of $5 million (CAD 6.68 million), convertible into Resulting Issuer Shares, and up to an additional $15 million (CAD 20.03 million), but no less than $2.5 million (CAD 3.34 million), convertible into preferred shares of the Resulting Issuer (the "Concurrent Financing"). Upon completion of the Proposed Transaction, it is the intention of the parties that Seven Oaks will be renamed "Rimon Funds Ltd." or such other name as may be determined by the parties and accepted by applicable regulatory authorities. Following the completion of the Proposed Transaction, Seven Oaks (the "Resulting Issuer") will continue the business of Rimon. Subject to the approval of the Exchange, on completion of the Proposed Transaction, it is currently expected that the board of directors and officers of the Resulting Issuer will be reconstituted. The proposed officers of the Resulting Issuer are expected to include Michal Adlersberg (Chief Executive Officer), Grant McLeod (Chief Operating Officer), David Redekop (Chief Financial Officer), and the proposed directors of the Resulting Issuer are expected to include Michal Adlersberg, Grant McLeod, Myles Fontaine, Daniel Bloch (independent), Monique Hutchins (independent and corporate secretary), and Dexter John (independent). In addition to such directors and officers, the directors and officers of the Resulting Issuer may include such additional individuals as Seven Oaks and Rimon may determine. The completion of the Proposed Transaction is subject to a number of conditions precedent, including but not limited to satisfactory due diligence reviews, negotiation and execution of definitive transaction documentation, approval by both boards of directors of Seven Oaks and Rimon, approvals and/or consents, as applicable, of Rimon Shareholders and Seven Oaks Shareholders, obtaining necessary third party approvals, including Exchange acceptance and approvals of the applicable securities regulatory authorities (including the issuance of a receipt by the Ontario Securities Commission for a long-form prospectus), and the completion of the Concurrent Financing. There can be no assurance that the Concurrent Financing or the Proposed Transaction will be completed as proposed or at all.

Rimon Hedge Funds Ltd cancelled the acquisition of Seven Oaks Capital Corp. (TSXV:SEVN.P) in a reverse merger transaction on June 5, 2023.