Serengeti and Sun Metals Announce Completion of Merger and Name Change to Northwest Copper Corp.

VANCOUVER, British Columbia, March 05, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (formerly Serengeti Resources Inc.) (TSX-V: NWST) (“NorthWest”) and Sun Metals Corp. (TSX-V: SUNM) (“Sun Metals”) are pleased to announce that they have completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) pursuant to which NorthWest has acquired all of the issued and outstanding shares of Sun Metals (the “Transaction”) on the basis of 0.215 common shares of NorthWest (on a post-Consolidation (as defined below) basis) for each share of Sun Metals held (the “Exchange Ratio”).

Consolidation, Name Change and New Trading Symbol

NorthWest also announces that, following shareholder approval of the previously announced consolidation of its issued and outstanding common shares (the “Shares”) on the basis of two (2) old Shares for one (1) new Share (the “Consolidation”), it has implemented the Consolidation. Notice of the Consolidation has been provided to the TSX Venture Exchange.

Additionally, Northwest announces that it has received TSX Venture Exchange approval for and completed the change of its name from “Serengeti Resources Inc.” to “NorthWest Copper Corp.”, and is expected to commence trading on the TSX Venture Exchange at the opening of market on March 5, 2021 under the new symbol “NWST”.

Following the completion of the Consolidation and Name Change, the new CUSIP number for the Shares is CA66744H1047.

Board and Management

Mark O’Dea has been appointed Executive Chairman of NorthWest, and the new Northwest board of directors is comprised Mark O’Dea, David Moore, Lewis Lawrick, Teodora Dechev, Sean Tetzlaff and Richard Bailes. David Moore will continue as Interim President and Chief Executive Officer until such time as a full time CEO is appointed. Lauren McDougall has been appointed Chief Financial Officer and Ian Neill appointed Vice President Exploration.

Release of Proceeds of Subscription Receipt Financing

Prior to the completion of the Transaction, the previously issued 82,800,000 Subscription Receipts of Sun Metals automatically converted into one Unit (each, a “Unit”) of Sun Metals, which have been exchanged, adjusted, or converted into securities of NorthWest at the Exchange Ratio, on a post-Consolidation basis, resulting in the issuance of 17,802,000 Shares of NorthWest, and warrants entitling the holders to acquire an additional 8,901,000 Shares of NorthWest at an exercise price of approximately $0.84 per Share, subject to acceleration in the event that the volume weighted average trading price of the Shares of NorthWest on the TSX Venture Exchange is equal to or greater than $1.40 for 20 consecutive trading days.