Savanna Provides Update on Qualifying Transaction

Not for distribution to United States newswire services or for release publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.

TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- SAVANNA CAPITAL CORP. (“Savanna” or the “Company”) (TSX-V: SAC.P), a capital pool company as defined under Policy 2.4 – Capital Pool Companies (the “CPC Policy”) of the TSX Venture Exchange (the “Exchange”), provides an update to its press release dated March 4, 2022 and November 9, 2022 (the “Press Releases”) whereby Savanna announced that it had entered into a definitive agreement dated March 1, 2022 (the “Definitive Agreement”) with 1000090242 Ontario Inc., a privately held corporation existing under the laws of the Province of Ontario (“San Luis ON”), relating to the proposed business combination (the “Proposed Transaction”) with Exploranciones de SL Cordero, S.A. de C.V. (“San Luis MX”), a Mexican wholly-owned subsidiary of San Luis ON (San Luis MX and San Luis ON are collectively referred to hereinafter as “San Luis”).

Savanna and San Luis have entered into an amendment to the Definitive Agreement to extend the closing date of the Proposed Transaction to November 30, 2024. The closing of the Proposed Transaction is subject to, among other items, San Luis ON completing a non-brokered private placement of units for minimum gross proceeds of $1,500,000 (as further described in the Press Releases).

Savanna is currently halted from trading pending final Exchange approval of the Proposed Transaction

About Savanna

Savanna is a capital pool company listed on the Exchange.

About San Luis

San Luis ON is a private Ontario corporation that holds a 100% interest in San Luis MX. San Luis MX holds the mineral claims covering approximately 1,216.99 ha in the Municipality of San Luis del Cordero in the State of Durango, Mexico (the “San Luis Property”). Further details on the historical activities of San Luis and the San Luis Property will be provided in the Filing Statement for the Resulting Issuer and the National Instrument 43-101: Standards of Disclosure of Mineral Projects with respect to the San Luis Property.

Further Information

For further information regarding the Proposed Transaction, please contact:

Savanna Capital Corp.
Kenny Choi
Tel: [phone]
E-mail: [e-mail]

San Luis
Aaron Atin
Tel: [phone]
Email: [e-mail] 

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.