Business
Reyna Silver Announces Signing of Definitive Agreement to Combine with Reyna Gold and Become a Premier Exploration Company
VANCOUVER, BC AND HONG KONG / ACCESSWIRE / August 7, 2024 / Reyna Silver Corp . (TSXV:RSLV)(OTC...
About this update from Reyna Silver
[{"type":"text","content":"Reyna Silver Announces Signing of Definitive Agreement to Combine with Reyna Gold and Become a Premier Exploration CompanyVANCOUVER, BC AND HONG KONG / ACCESSWIRE / August 7, 2024 / Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) (\"Reyna Silver\") is pleased to announce that it has entered into an arrangement agreement dated August 7, 2024 (the \"Agreement\") with Reyna Gold Corp. (\"Reyna Gold\"), pursuant to which Reyna Silver has agreed to acquire all of the issued and outstanding common shares of Reyna Gold (the \"REYG Shares\") by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the \"Transaction\").Strategic Highlights and Benefits of the TransactionConsolidates Reyna Silver and Reyna Gold's current joint option of the Gryphon Summit Project.Represents an opportunity for Reyna Silver to acquire and explore or monetize Reyna Gold's attractive gold properties in Mexico.Creates a larger-scale entity with increased access to capital to enable the financing of continuing exploration of Reyna Silver and Reyna Gold's combined exploration portfolio.Eliminates duplicate back end administrative and regulatory costs by eliminating one public issuer.The combined entity will be well capitalized to increase the value of its improved project portfolio, supported by its strong executive management team and Board of Directors.The Transaction is an arm's length transaction and provides REYG Shareholders with a premium of approximately 48% based on each company's respective 20-day volume-weighted average price (\"VWAP\"). The Transaction positions the combined entity of Reyna Silver and Reyna Gold to become a leading significant silver-lead-zinc-copper exploration company with an expanded portfolio of prospective base and precious metals assets in the United States and Mexico.\"The proposed acquisition of Reyna Gold by Reyna Silver represents a significant opportunity for our companies and stakeholders alike,\" said Jorge Ramiro Monroy, CEO of Reyna Silver. \"The resulting operational efficiencies, consolidation of management teams, and unification of vision make this move advantageous for our stakeholders. This move unlocks Reyna Silver's ability to realize the full value of the Gryphon Summit Project, which is currently a joint venture between the two companies. The drill rig starts turni...