Completion of Acquisition Transaction
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
TORONTO and HONG KONG, June 04, 2020 (GLOBE NEWSWIRE) -- Reyna Silver Corp. (formerly Century Metals Inc., the “Company”) (TSXV: RSLV) announces that it has
completed the acquisition (the “Acquisition”) of all the issued and outstanding securities of Reyna Silver Mining Inc. (“Reyna”; formerly Reyna Silver
Corp.)
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The following is a summary of the material terms of the Acquisition. A complete description of the Acquisition is set out in the Company’s Filing Statement dated June 3, 2020 as filed on SEDAR.
- The Company eliminated all of its current and long-term liabilities, except for $222,900 ($197,772 reflected in accounts payable and $25,128 owing to related
parties), by paying $531,355 in cash and having $520,549 of debt forgiven;
- The Company consolidated its 34,228,765 outstanding common shares so as to have 5,348,245 consolidated shares (“Shares”) outstanding prior to
closing the Acquisition;
- The Company and Reyna jointly undertook private placements raising an aggregate of $6,597,606, resulting in the issuance of 32,988,030 units at $0.20 (each unit
consisting of one Share and one-half Share purchase warrant (for a total of 16,494,013 warrants) exercisable at $0.45 for 24 months from closing the Acquisition);
- The Company changed its name to “Reyna Silver Corp.”; and Reyna concurrently changed its name to “Reyna Silver Mining Inc.”;
- The Company issued an aggregate of 45,352,864 Shares to acquire the outstanding common shares of Reyna (inclusive of the 25,525,530 shares issued by Reyna under its
$0.20 private placement); and issued 14,556,706 Shares to MAG Silver Corp. (“MAG Silver”) in exchange for the preferred shares held by it in Reyna (equating to 19.9% of the
outstanding Shares of the Company on closing of the Acquisition);
- Aggregate finders’ fees pertaining to the private placement were (i) 428,961 Shares; (ii) 1,793,118 finders’ warrants or advisor options (each entitling the holder to acquire one Share at $0.45 for 24 months); (iii) 912,000 compensation or advisor options (each entitling the holder to acquire one Share at $0.20 for 24 months); and (iv) 114,450 compensation options (each entitling the holder to acquire one unit at $0.20 for 24 months); and
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