Savanna Provides Update on Qualifying Transaction

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.)