Reyna Gold Obtains Shareholder and Court Approval for Acquisition by Reyna Silver
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) and Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) have announced that Reyna Gold shareholders approved the acquisition of Reyna Gold by Reyna Silver through a plan of arrangement. The transaction received court approval on October 10, 2024. Under the terms, each Reyna Gold shareholder will receive one Reyna Silver share for every three Reyna Gold shares held.
The special resolution approving the transaction was passed by a significant majority at a special meeting where 19.96% of outstanding Reyna Gold shares were represented. The transaction is expected to close around October 17, 2024, subject to TSXV approval. Following completion, Reyna Gold will become wholly-owned by Reyna Silver, and its shares will be delisted from the TSXV.
Additionally, Reyna Gold will convert $41,937.50 of outstanding director and management fees into 838,750 Reyna Gold shares immediately prior to the transaction's consummation.
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) e Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) hanno annunciato che gli azionisti di Reyna Gold hanno approvato l'acquisizione di Reyna Gold da parte di Reyna Silver tramite un piano di riorganizzazione. La transazione ha ricevuto l'approvazione del tribunale il 10 ottobre 2024. Secondo i termini, ogni azionista di Reyna Gold riceverà un'azione di Reyna Silver per ogni tre azioni di Reyna Gold detenute.
La risoluzione speciale che approva la transazione è stata approvata da una maggioranza significativa in una riunione speciale in cui erano rappresentati il 19,96% delle azioni in circolazione di Reyna Gold. Si prevede che la transazione si chiuda intorno al 17 ottobre 2024, soggetta all'approvazione di TSXV. Dopo il completamento, Reyna Gold diventerà interamente posseduta da Reyna Silver e le sue azioni saranno rimosse dalla quotazione di TSXV.
Inoltre, Reyna Gold convertirà $41,937.50 di onorari in sospeso per il consiglio di amministrazione e la direzione in 838,750 azioni di Reyna Gold immediatamente prima della conclusione della transazione.
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) y Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) han anunciado que los accionistas de Reyna Gold aprobaron la adquisición de Reyna Gold por parte de Reyna Silver a través de un plan de arreglo. La transacción recibió la aprobación del tribunal el 10 de octubre de 2024. Según los términos, cada accionista de Reyna Gold recibirá una acción de Reyna Silver por cada tres acciones de Reyna Gold que posea.
La resolución especial que aprueba la transacción fue aprobada por una mayoría significativa en una reunión especial donde se representó el 19.96% de las acciones en circulación de Reyna Gold. Se espera que la transacción se cierre alrededor del 17 de octubre de 2024, sujeto a la aprobación de TSXV. Tras la finalización, Reyna Gold será completamente propiedad de Reyna Silver y sus acciones serán retiradas de la cotización de TSXV.
Además, Reyna Gold convertirá $41,937.50 de honorarios pendientes de directores y gestión en 838,750 acciones de Reyna Gold inmediatamente antes de la consumación de la transacción.
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG)와 Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC)는 Reyna Gold 주주들이 Reyna Gold의 Reyna Silver에 의한 인수를 승인했다고 발표했습니다. 이 거래는 2024년 10월 10일 법원 승인을 받았습니다. 조건에 따라 각 Reyna Gold 주주는 보유한 Reyna Gold 주식 3주당 Reyna Silver 주식 1주를 받게 됩니다.
거래를 승인하는 특별 결의안은 Reyna Gold 주식의 19.96%가 참석한 특별 회의에서 대다수의 찬성으로 통과되었습니다. 거래는 2024년 10월 17일경에 마무리될 것으로 예상되며, TSXV의 승인을 받을 예정입니다. 거래 완료 후 Reyna Gold는 Reyna Silver의 전액 소유 회사가 되며, TSXV에서 상장 폐지될 것입니다.
또한, Reyna Gold는 거래가 성사되기 직전에 $41,937.50의 미지급 이사 및 관리 수당을 838,750 Reyna Gold 주식으로 전환할 것입니다.
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) et Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) ont annoncé que les actionnaires de Reyna Gold ont approuvé l'acquisition de Reyna Gold par Reyna Silver au moyen d'un plan de réorganisation. La transaction a reçu l'approbation du tribunal le 10 octobre 2024. Selon les termes, chaque actionnaire de Reyna Gold recevra une action de Reyna Silver pour chaque trois actions de Reyna Gold détenues.
La résolution spéciale approuvant la transaction a été adoptée par une majorité significative lors d'une réunion spéciale où 19,96% des actions en circulation de Reyna Gold étaient représentées. La transaction devrait se clore autour du 17 octobre 2024, sous réserve d'approbation par la TSXV. Après son achèvement, Reyna Gold deviendra entièrement détenue par Reyna Silver et ses actions seront retirées de la TSXV.
De plus, Reyna Gold convertira 41,937.50 $ de frais en attente pour la direction et la gestion en 838,750 actions de Reyna Gold immédiatement avant la réalisation de la transaction.
Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) und Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) haben angekündigt, dass die Aktionäre von Reyna Gold die Übernahme von Reyna Gold durch Reyna Silver im Rahmen eines Planes genehmigt haben. Die Transaktion erhielt am 10. Oktober 2024 die Genehmigung des Gerichts. Laut den Bedingungen erhält jeder Aktionär von Reyna Gold eine Aktie von Reyna Silver für jede drei gehaltenen Aktien von Reyna Gold.
Der die Transaktion genehmigende Sonderbeschluss wurde mit einer erheblichen Mehrheit in einer Sonderversammlung verabschiedet, in der 19,96% der ausstehenden Aktien von Reyna Gold vertreten waren. Es wird erwartet, dass die Transaktion rund um den 17. Oktober 2024 abgeschlossen wird, vorbehaltlich der Genehmigung durch TSXV. Nach Abschluss wird Reyna Gold vollständig im Besitz von Reyna Silver sein, und die Aktien werden von der TSXV abgezogen.
Zusätzlich wird Reyna Gold $41,937.50 an ausstehenden Direktoren- und Verwaltungsgebühren unmittelbar vor dem Abschluss der Transaktion in 838,750 Reyna Gold Aktien umwandeln.
- Acquisition approved by shareholders and court, indicating strong support for the transaction
- Combined entity has potential to become a premier metals exploration company
- Debt conversion of $41,937.50 into shares, potentially improving the company's balance sheet
- Reyna Gold shares to be delisted from TSXV post-acquisition
- Dilution for existing Reyna Gold shareholders due to 3:1 share exchange ratio
VANCOUVER, BC / HONG KONG, CHINA / ACCESSWIRE / October 11, 2024 / Reyna Gold Corp. (TSXV:REYG)(OTCQB:REYFG) ("Reyna Gold") and Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) ("Reyna Silver") are pleased to announce that the shareholders of Reyna Gold (the "REYG Shareholders") have approved the previously announced acquisition of Reyna Gold by Reyna Silver by way of a plan of arrangement (the "Transaction") at a special meeting of the REYG Shareholders (the "Special Meeting") held on October 8, 2024. Reyna Gold and Reyna Silver are also pleased to announce that Reyna Gold obtained a final order of the Supreme Court of British Columbia on October 10, 2024 approving the Transaction and finding it to be fair and reasonable to the REYG Shareholders. Under the terms of the Transaction, each REYG Shareholder will receive one common share of Reyna Silver for every three common shares of Reyna Gold held (the "Consideration").
"The overwhelming support of our shareholders for the Reyna Silver transaction demonstrates our shareholders' excitement for the prospects of the combined business," said Michael Wood, CEO of Reyna Gold.
"We believe that the combined portfolio of the Reyna Silver and Reyna Gold exploration properties and the combined management team's experience creates the potential for the combined business to become a premier metals exploration company," added Jorge Ramiro Monroy, CEO of Reyna Silver.
The Special Meeting Voting Results
The special resolution approving the Transaction (the "Arrangement Resolution") required the approval of two-thirds of the votes cast by REYG Shareholders, present in person or represented by proxy at the Special Meeting. The Arrangement Resolution was approved by a significant majority of votes cast at the Special Meeting. The table below summarizes the voting results on the Arrangement Resolution:
A total of 13,421,540 common shares of Reyna Gold ("Reyna Gold Shares") were represented in person or by proxy at the Special Meeting, representing approximately
The Transaction
Full details regarding the Transaction and information regarding the procedure for the exchange of Reyna Gold Shares for the Consideration are provided in Reyna Gold's management information circular dated September 6, 2024 (the "Circular"). The Circular and accompanying letter of transmittal are available on SEDAR+ under Reyna Gold's profile at www.sedarplus.ca and on Reyna Gold's website at www.reynagold.com.
The Transaction remains subject to the satisfaction or waiver of customary closing conditions, including approval of the TSXV, and is expected to close on or around October 17, 2024. Following completion of the Transaction, Reyna Gold will be wholly-owned by Reyna Silver and Reyna Gold's shares are expected to be delisted from the TSX Venture Exchange (the "TSXV") and an application is expected to be made for Reyna Gold to cease to be a reporting issuer in the applicable jurisdictions.
The Debt Conversion
Reyna Gold is also pleased to announce that it has agreed with certain directors of Reyna Gold to, immediately prior to the consummation of the Transaction, issue 838,750 Reyna Gold Shares (the "Debt Shares") to such directors in exchange for the cancellation of
The Debt Conversion and related issuance of Debt Shares is expected to occur immediately prior to the consummation of the Transaction and are subject to: (a) the approval of the TSXV; and (b) the satisfaction (or waiver) of all of the conditions precedent to the Transaction set out in the arrangement agreement dated August 7, 2024 between Reyna Gold and Reyna Silver. All securities issued pursuant to the Debt Conversion are subject to a statutory four month hold period. Upon the closing of the Transaction, any Debt Shares issued will be converted into common shares of Reyna Silver on the basis of one common share of Reyna Silver for every three Reyna Gold Shares.
The issuance of the Debt Shares to the directors constitutes a "related party transaction" as that term is defined in Multilateral Instrument 61-101: Protection of Minority Securityholders in Special Transactions ("MI 61-101"). Reyna Gold intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the Debt Shares nor the debt exceeds
The anticipated Debt Conversion was previously announced in Reyna Gold and Reyna Silver's news releases dated August 7, 2024 and in the Circular.
For Further Information, Please Contact:
Reyna Gold Corp.
Michael Wood
Chief Executive Officer
T: +852 2501 9328
E: info@reynagold.com
www.reynagold.com
Reyna Silver Corp.
Jorge Ramiro Monroy
Chief Executive Officer
T: +1 (778) 504-1344
E: info@reynasilver.com
www.reynasilver.com
About Reyna Gold Corp.
Reyna Gold is a gold exploration company focused on district-scale exploration. Reyna Gold has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold in Mexico, and a joint option with Reyna Silver to acquire the 10,300-hectare combined Carlin-style and CRD Gryphon Summit Project in Eureka Co., Nevada, USA. Reyna Gold has an experienced management team with a proven track record of wealth creation through project discovery, advancement, and monetization.
About Reyna Silver Corp.
Reyna Silver is a growth-oriented junior exploration and development company. Reyna Silver focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada USA, Reyna Silver has entered into an option to acquire
Forward Looking Information
Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to: the completion of the Transaction and the Debt Conversion, the conditions to the completion of the Transaction that must be fulfilled, including approval of the Transaction and the Debt Conversion by the TSXV, the delisting of Reyna Gold, the application of Reyna Gold to cease being a reporting issuer in applicable jurisdictions, the application of certain exemptions found in MI 61-101 and the business and operations of Reyna Silver and Reyna Gold. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward looking information and are based on Reyna Gold's current beliefs or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as Reyna Silver and Reyna Gold's actual results and future events could differ materially from those anticipated in these forward-looking statements. Factors that could cause actual results and future events to differ materially from those anticipated in these forward-looking statements include, among others, risks related to the required regulatory and other consents and approvals to effect the Transaction and the Debt Conversion, and the other risks factors set forth in the "Risk Factors" section in Reyna Silver and Reyna Gold's latest management discussion and analysis and in the Circular. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Reyna Silver and Reyna Gold. The forward-looking information contained in this news release is made as of the date hereof and neither Reyna Silver nor Reyna Gold undertakes any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Information About Each Company
Information in this news release about Reyna Silver has been provided by, and is the responsibility of Reyna Silver. For further information about Reyna Silver, please refer to Reyna Silver's filings with Canadian securities regulatory authorities under its issuer profile on SEDAR+. Information in this news release about Reyna Gold has been provided by, and is the responsibility of, Reyna Gold. For further information about Reyna Gold, please refer to Reyna Gold's filings with Canadian securities regulatory authorities under its issuer profile on SEDAR+.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Michael Wood
CEO
michael@reynagold.com
SOURCE: Reyna Gold Corp.
View the original press release on accesswire.com
FAQ
What is the exchange ratio for Reyna Gold (REYFG) shares in the acquisition by Reyna Silver?
When is the expected closing date for Reyna Silver's acquisition of Reyna Gold (REYFG)?
What percentage of Reyna Gold (REYFG) shareholders voted on the acquisition?
What will happen to Reyna Gold (REYFG) shares after the acquisition?
