TORONTO, March 31, 2020 (GLOBE NEWSWIRE) — Savanna Capital Corp. (“Savanna” or the “Company”), a capital pool company as defined under Policy 2.4 – Capital Pool Companies (the “Policy”) of the TSX Venture Exchange (the “Exchange”), it has elected to not extend the term of the combination agreement entered into with Varianz Corp. (“Varianz”) dated August 30, 2019 as amended on November 29, 2019, January 15, 2020 and February 28, 2020 (as amended, the “Combination Agreement”) (see news releases dated February 28, 2020, January 15, 2020, December 2, 2019 and August 30, 2019). As a result, the Combination Agreement has been terminated and the Company will apply to the Exchange to have the common shares of the Company to resume trading on the Exchange once approved by the Exchange.
Pursuant to the termination of the Combination Agreement due to the failure of Savanna and Varianz to close the transaction by March 31, 2020, a break fee in the amount of $175,000 is payable from Varianz to the Company (the “Break Fee”). Savanna will be reviewing all of its options with respect to the collection of the Break Fee.
About SavannaSavanna is a Capital Pool Company (as defined in the policies of the Exchange) listed on the Exchange. Savanna has no material liabilities, approximately $100,000 in cash, 4,600,000 common shares and 460,000 options issued and outstanding.Further Information
For further information, please contact:Savanna Capital Corp.
Kenny Choi
Tel: (416) 861-2262
E-mail: Kenny.choi@fmresources.caCertain statements in this release are forward-looking. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company’s control. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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