Trenchant Technologies Capital Corp. Completes Unwinding of Previous Limitless Quantum Acquisition and Corporate Updates

Rhea-AI Summary

Trenchant Technologies Capital (OTCQB: AITTF) completed the unwinding of its acquisition of Limitless Quantum, cancelling 10,000,000 Trenchant shares and 10,000,000 Trenchant warrants with no fees or penalties and no expected material adverse impact on operations.

The company subscribed to a $1,300,000 unsecured convertible debenture of CG International Petroleum bearing 14% interest, maturing Jan 8, 2027, and received 2,309,058 warrants exercisable at $0.1126. Trenchant holds 18.84% of GNQ and an option to acquire up to 50% for $15,000,000 (expiry Nov 30, 2026); GNQ entered a business combination with IB Acquisition Corp (Nasdaq: IBAC), expected to close in Q3 2026 with a Nasdaq listing.

Positive

• Unwinding completed: 10,000,000 shares and 10,000,000 warrants cancelled
• $1.3M debenture in CGIP at 14% interest provides near-term yield
• GNQ upside: 18.84% stake plus option and expected Nasdaq business combination in Q3 2026

Negative

• $15,000,000 option commitment to acquire up to 50% of GNQ (expires Nov 30, 2026)
• Short debenture term: CGIP debenture matures Jan 8, 2027, creating near-term liquidity timing
• 2,309,058 warrants attached to debenture could add dilution pressure for CGIP equity holders

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

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Vancouver, British Columbia--(Newsfile Corp. - April 22, 2026) - Trenchant Technologies Capital Corp. (CSE: AITT) (OTCQB: AITTF) ("Trenchant" or the "Company") announces that it has completed the unwinding of the Company's acquisition of Limitless Quantum Computing Solutions Inc. ("Limitless Quantum") (collectively, the "Unwinding Transaction"), as previously announced on April 8, 2026.

The Company has effectively cancelled the 10,000,000 common shares of the Company (the "Trenchant Shares") and the 10,000,000 common share purchase warrants of the Company (the "Trenchant Warrants"). As of the date hereof, the parties remain at arm's length. No fees, penalties, or other compensation are payable by any party in connection with the Unwinding Transaction. The Company does not expect the unwinding to have a material adverse impact on its ongoing operations.

Corporate Updates
The Company is also pleased to announce that it has subscribed to an unsecured convertible debenture of CG International Petroleum Corp. ("CGIP") in the principal amount of $1,300,000. The debenture bears interest at a rate of 14% per annum and matures on January 8, 2027. The debenture also entitles the Company to receive 2,309,058 share purchase warrants, exercisable into CGIP shares at a price of $0.1126 per share, on terms customary for transactions of this nature.

CGIP, an oil and gas company in Chad, reinitiated operations in late Q1 2025. During 2025, CGIP achieved a number of operational milestones, including the reactivation of four wells with an estimated combined production potential in excess of 5,000 barrels of oil per day. Progress during the year also included certain regulatory and operational developments, such as the receipt of a two-year extension to the Production Sharing Contract and approval from the Ministry of Petroleum for interim crude oil transportation by truck. In support of these activities, CGIP completed refurbishment work at the Belanga base to international standards, resulting in a fully operational camp capable of accommodating approximately 50 personnel and equipped with medical, communications, and waste treatment facilities.

CGIP continues to advance infrastructure and contractual arrangements required to initiate crude oil shipments and support increased production levels. The company has obtained approval for new shipper status within the TOTCO/COTCO pipeline system and is in the process of fabricating truck loading and unloading equipment to facilitate technical delivery to the neighbouring KOME field. CGIP has reported no lost-time incidents to date and has engaged local communities in connection with its operations, resulting in local employment and service participation along the transportation route. Subject to the completion of remaining infrastructure and logistical arrangements, CGIP expects to transition from field restart activities toward a more consistent production profile during the first half of 2026.

Further, GNQ Insilico Inc. ("GNQ"), a company where the Company invested into and currently owns 18.84% of its voting shares and an option agreement whereby it can purchase up to an aggregate 50% of the GNQ Shares in exchange for further aggregate cash payments of $15,000,000 expiring November 30, 2026, has entered on March 16, 2026, a business combination agreement with IB Acquisition Corp. (Nasdaq: IBAC) ("IBAC"), a Nevada special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the "BCA") pursuant to which IBAC will acquire all of the issued and outstanding shares in the capital of GNQ by way of a statutory plan of arrangement under the Canada Business Corporations Act. Following closing of this transaction, which is expected in the third quarter of 2026, the combined company expects to be publicly listed on Nasdaq. Shares will trade on Nasdaq under the symbol IBAC until the closing of this transaction.

ABOUT TRENCHANT TECHNOLOGIES CAPITAL

Trenchant Technologies Capital Corp. (CSE: AITT) is a forward-thinking investment issuer focused on supporting transformative ventures in artificial intelligence, quantum computing, and next-generation cybersecurity poised to reshape legacy industries.

ON BEHALF OF THE BOARD TRENCHANT CAPITAL CORP.
Per: "Thomas English"
Thomas English, Interim CEO

For further information, please contact:
Trenchant Technologies Capital Corp.
Tom English, Interim CEO.
Phone: 416.918.9284

Forward-Looking Statements:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the use of proceeds of the Final Tranche. Although the Company believes that and the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company's investments into its portfolio companies and the economic benefits; the expected benefits to the Company and its shareholders from the investments into GNQ and CGIP, including; and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/293784

FAQ

What did Trenchant (AITTF) announce about the Limitless Quantum acquisition on April 22, 2026?

Trenchant completed the unwinding and cancelled the original issuance of 10,000,000 shares and 10,000,000 warrants. According to the company, no fees, penalties, or compensation were payable and the unwinding is not expected to materially harm ongoing operations.

How does Trenchant's $1.3M convertible debenture in CG International Petroleum affect AITTF investors?

Trenchant subscribed to a $1.3 million unsecured convertible debenture in CGIP bearing 14% interest. According to the company, the debenture matures January 8, 2027 and includes 2,309,058 warrants exercisable at $0.1126 per share.

What are the key terms of Trenchant's option related to GNQ Insilico and the timeline?

Trenchant owns 18.84% of GNQ and holds an option to acquire up to 50% for $15,000,000. According to the company, the option expires November 30, 2026 and requires further aggregate cash payments to exercise.

What does the GNQ business combination with IB Acquisition Corp mean for AITTF shareholders?

GNQ agreed to a business combination with IB Acquisition Corp, expected to close in Q3 2026 and list on Nasdaq. According to the company, a successful closing may create a publicly listed vehicle for GNQ where Trenchant holds a material stake.

Will the unwinding of Limitless Quantum issuance affect Trenchant's operations or liabilities?

Trenchant stated the unwinding cancelled the previously issued shares and warrants and involved no fees or penalties. According to the company, it does not expect the unwinding to have a material adverse impact on ongoing operations.