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.
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.