Capital pool company Savanna Capital Corp. (TSXV: SAC.P) announced today the definitive agreement of the proposed business combination with 1000090242 Ontario Inc., dba as San Luis ON. The latter holds 100% ownership of the silver-copper San Luis property in Mexico
The mostly share-based transaction will see San Luis’s outstanding common shares be exchanged for the resulting company’s common shares on a 1-1 basis.
The resulting issuer is also expected to change its name to “Plata Corp.” or such other name requested by San Luis and acceptable to Savanna.
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Kenny Choi, representing Savanna Capital, will lead the merged company as the CEO. Russell Starr, CEO of DeFi Technologies (NEO: DEFI) and Trillium Gold Mines (TSXV: TGM), will also serve as the resulting firm’s chairman of the board.
Savanna Capital last traded at $0.05 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
