Business
Savanna Capital Corp. Signs Definitive Agreement With San Luis and Announce Concurrent Financing
TORONTO, March 04, 2022 (GLOBE NEWSWIRE) -- SAVANNA CAPITAL CORP. (“Savanna”) (TSX-V: SAC.P) is pleased to announce that, further to its press release dated Jan
About this update from Renegade Gold Inc.
[{"type":"text","content":" TORONTO, March 04, 2022 (GLOBE NEWSWIRE) -- SAVANNA CAPITAL CORP. (“Savanna”) (TSX-V: SAC.P) is pleased to announce that, further to its press release dated January 27, 2022, it has entered into a definitive agreement dated March 1, 2022 (the “Definitive Agreement”) with 1000090242 Ontario Inc., a privately held corporation existing under the laws of the Province of Ontario (“San Luis ON”), relating to the proposed business combination (the “Proposed Transaction”) with Exploranciones de SL Cordero, S.A. de C.V. (“San Luis MX”), a wholly-owned subsidiary of San Luis ON (San Luis MX and San Luis ON are collectively referred to hereinafter as “San Luis”). San Luis holds the mineral claims covering approximately 1,216.99 ha in the Municipality of San Luis del Cordero in the State of Durango, Mexico (the “San Luis Property”). The San Luis Property features three different mineralisation styles, high-grade silver-copper veins, which have been mined in the 70's, a silver, copper, zinc-bearing skarn deposit and manto-style mineralisation. The skarn has been drill tested for a strike-length of 750 metres, but has a potential of 3.5 kilometres of total strike length with known mineralisation zones. Definitive Agreement and Proposed Transaction The Proposed Transaction is to be completed pursuant to a three-cornered amalgamation among Savanna, a wholly-owned subsidiary of Savanna (“Subco”), and San Luis ON, whereby Subco and San Luis ON will amalgamate and continue as one corporation (the “Amalgamation”), and the shareholders of San Luis ON will receive shares of Savanna (referred to on a post-closing basis as the “Resulting Issuer”). Pursuant to the Definitive Agreement, and upon the satisfaction or waiver of the conditions set out therein, in connection with the closing of the Proposed Transaction, among other things: Savanna will change its name to “Plata Corp.” or such other name requested by San Luis and acceptable to Savanna and the applicable regulatory authorities (the “Name Change”); following completion of the foregoing, the Amalgamation will be completed, and the San Luis ON shareholders will exchange each San Luis ON common share (the “San Luis Shares”) for one common share of the Resulting Issuer (the “Resulting Issuer Shares”); and the board of directors and management of the Resulting Issuer will be replaced with nominees o...