South Atlantic Provides Update on Current Stage of the Tucano Process in Brazil

About this update from South Atlantic Gold, Inc.

[{"type":"text","content":"South Atlantic Provides Update on Current Stage of the Tucano Process in Brazil\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n August 10, 2023 -\n \n \n South Atlantic Gold Inc.\n \n \n (TSX-V:SAO)\n \n \n (“\n \n \n South Atlantic\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”)\n \n \n continues to work to add to the\nnumber of creditors of Mina Tucano Ltda., Beadell (Brazil) Pty Ltd.\nand Beadell (Brazil 2) Pty Ltd. (such three entities and the\nsubsidiaries of Mina Tucano Ltda., collectively, the “\n \n \n Tucano Group\n \n \n ”) that\nsupport or give priority to South Atlantic’s indicative proposal to\nacquire entities of the Tucano Group under Judicial Reorganization\nProceedings (the “\n \n \n Judicial\nProcess\n \n \n ”), pursuant to a plan of\nreorganization to be approved by creditors and confirmed by the\nrelevant court in a manner favourable to all stakeholders\ninvolved.\n \n \n \n \n Highlights\n \n \n \n \n \n \n The Company would like to encourage all officially\nlisted creditors of the Tucano Group to contact South Atlantic’s\nsubsidiary in Brazil through the contact information made available in\nthe Judicial Process, as the Company would like to engage with all\ncreditors regarding their potential interests and potential terms of\nnegotiation.\n \n \n \n \n \n \n The Judicial Process has many stages. At the current\nstage, the process requires a decision to be made by a majority of the\ncreditors\n \n \n \n \n 1\n \n \n \n \n of Tucano Group in\neach of several different classes of creditors by\nmid-September.\n \n \n \n \n \n \n Throughout the next few weeks, South Atlantic\nanticipates that it will continue to grow its base of supportive\ncreditors, which could culminate in a plan reflecting South\nAtlantic’s indicative proposal being presented by the supporting\nparties and approved by the required majorities.\n \n \n \n \n \n \n As previously disclosed, certain creditors of Tucano\nGroup have already expressed that they have given priority to the\nproposal made by South Atlantic to acquire Tucano Group. South\nAtlantic has also received letters of priority and other similar\nsupport from creditors ...

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