Northwire Canada EditionTuesday, July 28, 2026
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Financings

Savanna Provides Update on Qualifying Transaction

By The Northwire Desk — AI Analysis Mar 05, 2026 · 07:00 SAC · 0.05 SOUTH AMERICAN SILVER CORP. J
SAC · Price

Executive Summary

  • Savanna Capital Corp. provides a material update on its proposed business combination with San Luis ON/MX, including an amendment extending the closing deadline to Dec 31 2026 and targeting Q2 2026 completion.
  • A non‑brokered private placement for San Luis has closed its first tranche, raising C$1.35 M (5.4 M shares at C$0.25) with a second tranche expected by Mar 31 2026 for an additional ~C$1.15 M.
  • Upon completion, Savanna will rename to North American Silver Corp. and install a new executive team and board comprising seasoned mining professionals.

Key Details

  • Proposed Transaction: Combination of Savanna Capital Corp. with 1000090242 Ontario Inc. (San Luis ON) and its Mexican subsidiary Exploraciones de SL Cordero, S.A. de C.V. (San Luis MX), which owns 100 % of the San Luis de Cordero project in Durango, Mexico.
  • Project Overview: ~1,217 ha covering three mineralisation styles – high‑grade silver‑copper veins (historic mining), a silver‑copper‑zinc skarn (750 m tested strike, potential 3.5 km), and manto‑style zones.
  • Filing Statement & Technical Report: Updated filing statement and NI 43‑101 technical report to be submitted to the TSX‑V before 31 Mar 2026.
  • Financing – San Luis Offering:
  • Total target: ~10 M common shares at C$0.25 each → gross proceeds ≈ C$2.5 M.
  • First tranche closed: $1,350,000 (C$) for 5,400,000 shares issued.
  • Second tranche expected to close on or about 31 Mar 2026 for the remaining ~4.6 M shares (~C$1.15 M).
  • Name Change: Post‑closing, Savanna will become “North American Silver Corp.” (subject to Exchange approval).
  • Management & Board (post‑combination):
  • CEO – Scott Moore (current O2Gold Inc. President/CEO)
  • President & COO – Kevin Brewer (registered professional geoscientist)
  • CFO – Stephen Woodhead (Chartered Accountant, extensive mining finance background)
  • Corporate Secretary – Kevin Zhou (corporate finance/venture capital)
  • Board: Peter Tagliamonte, Scott Moore, Kevin Brewer, Rene Bharti.
  • Amendment to Definitive Agreement: Outside date extended to 31 Dec 2026; anticipated closing in Q2 2026.
  • Trading Status: Savanna’s shares are halted pending final Exchange approval of the transaction.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →