Reyna Gold and Reyna Silver Complete Plan of Arrangement and Amend Gryphon Summit Option Agreement
Reyna Silver has successfully completed the acquisition of Reyna Gold through a statutory plan of arrangement. Under the transaction, Reyna Gold shareholders received one Reyna Silver share for every three Reyna Gold shares held. Former Reyna Gold shareholders now hold approximately 10% of Reyna Silver's outstanding shares, while existing Reyna Silver shareholders maintain 90%. Additionally, the companies amended their Gryphon Summit Option Agreement, with Reyna Silver assuming all rights and obligations to earn up to 70% equity interest in the project. The agreement defers certain cash payments due October 31, 2024, to January 31, 2025, in exchange for a $10,000 payment and 100,000 additional RSLV shares.
Reyna Silver ha completato con successo l'acquisizione di Reyna Gold attraverso un piano di disposizione statutario. Nell'ambito della transazione, gli azionisti di Reyna Gold hanno ricevuto un'azione di Reyna Silver per ogni tre azioni di Reyna Gold detenute. I precedenti azionisti di Reyna Gold ora detengono circa il 10% delle azioni in circolazione di Reyna Silver, mentre gli attuali azionisti di Reyna Silver mantengono il 90%. Inoltre, le aziende hanno modificato il loro Accordo di Opzione Gryphon Summit, con Reyna Silver che assume tutti i diritti e obblighi per guadagnare fino al 70% di partecipazione azionaria nel progetto. L'accordo rinvia alcuni pagamenti in contante dovuti il 31 ottobre 2024, al 31 gennaio 2025, in cambio di un pagamento di $10.000 e 100.000 azioni RSLV aggiuntive.
Reyna Silver ha completado con éxito la adquisición de Reyna Gold a través de un plan de disposición legal. En la transacción, los accionistas de Reyna Gold recibieron una acción de Reyna Silver por cada tres acciones de Reyna Gold que poseían. Los antiguos accionistas de Reyna Gold ahora poseen aproximadamente el 10% de las acciones en circulación de Reyna Silver, mientras que los accionistas existentes de Reyna Silver mantienen el 90%. Además, las compañías modificaron su Acuerdo de Opción Gryphon Summit, con Reyna Silver asumiendo todos los derechos y obligaciones para ganar hasta un 70% de participación en el proyecto. El acuerdo aplaza ciertos pagos en efectivo que vencen el 31 de octubre de 2024, al 31 de enero de 2025, a cambio de un pago de $10,000 y 100,000 acciones RSLV adicionales.
Reyna Silver는 법적 합병 계획을 통해 Reyna Gold의 인수를 성공적으로 완료했습니다. 거래에 따라 Reyna Gold 주주들은 보유한 Reyna Gold 주식 3주당 Reyna Silver 주식 1주를 받았습니다. 이전 Reyna Gold 주주들은 이제 Reyna Silver의 총 발행 주식의 약 10%를 보유하고 있으며, 기존 Reyna Silver 주주들은 90%를 유지합니다. 또한 두 회사는 Gryphon Summit 옵션 계약을 수정하여 Reyna Silver가 프로젝트에서 최대 70%의 지분을 확보할 모든 권리와 의무를 취득했습니다. 이 계약은 2024년 10월 31일에 만료되는 특정 현금 지급을 2025년 1월 31일로 연기하는 대신 $10,000의 지급과 100,000개의 추가 RSLV 주식을 제공합니다.
Reyna Silver a réussi à finaliser l'acquisition de Reyna Gold par le biais d'un plan de disposition légal. Dans le cadre de la transaction, les actionnaires de Reyna Gold ont reçu une action de Reyna Silver pour chaque trois actions de Reyna Gold détenues. Les anciens actionnaires de Reyna Gold détiennent désormais environ 10% des actions en circulation de Reyna Silver, tandis que les actionnaires existants de Reyna Silver conservent 90%. De plus, les entreprises ont modifié leur Accord d'Option Gryphon Summit, Reyna Silver assumant tous les droits et obligations pour acquérir jusqu'à 70% d'intérêt en capital dans le projet. L'accord reporte certains paiements en espèces dus le 31 octobre 2024, au 31 janvier 2025, en échange d'un paiement de 10 000 $ et de 100 000 actions RSLV supplémentaires.
Reyna Silver hat erfolgreich die Übernahme von Reyna Gold durch einen gesetzlichen Regelungsplan abgeschlossen. Im Rahmen der Transaktion erhielten die Aktionäre von Reyna Gold eine Reyna Silver Aktie für jeweils drei gehaltene Reyna Gold Aktien. Ehemalige Reyna Gold Aktionäre halten nun etwa 10% der ausstehenden Aktien von Reyna Silver, während die bestehenden Reyna Silver Aktionäre 90% behalten. Darüber hinaus haben die Unternehmen ihren Gryphon Summit Optionsvertrag geändert, wobei Reyna Silver alle Rechte und Verpflichtungen zur Erlangung von bis zu 70% Eigenkapitalbeteiligung am Projekt übernimmt. Der Vertrag verschiebt bestimmte Bargeldzahlungen, die bis zum 31. Oktober 2024 fällig sind, auf den 31. Januar 2025 im Austausch für eine Zahlung von 10.000 $ und zusätzliche 100.000 RSLV-Aktien.
- Successful completion of merger consolidating operations
- Reyna Silver gains full control of Gryphon Summit Project option
- Payment deferral needed for Gryphon Summit option agreement
- Additional share issuance causing dilution
VANCOUVER, BC AND HONG KONG / ACCESSWIRE / October 30, 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 the successful completion of the previously announced acquisition of all of the issued and outstanding common shares of Reyna Gold (the "REYG Shares") by Reyna Silver pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction").
"We are delighted to welcome the Reyna Gold shareholders to Reyna Silver," said Jorge Ramiro Monroy, CEO of Reyna Silver. "We thank all the shareholders for their recognition of the synergies and strong support of the merger. Now, we can all look forward to results from our current drill campaign at Gryphon together."
The Transaction
Pursuant to the Transaction, each holder of REYG Shares (a "REYG Shareholder" and collectively, the "REYG Shareholders") received one (1) common share of Reyna Silver (a "RSLV Share") for every three (3) REYG Shares held (the "Consideration").
As a result of the Transaction, 67,231,221 REYG Shares (excluding 838,750 REYG Shares issued in connection with the Debt Conversion (as defined below) were converted into approximately 22,410,407 RSLV Shares. Former REYG Shareholders (excluding any shares issued in connection with the Debt Conversion (as defined below) now hold approximately
As part of the Transaction, all outstanding options of Reyna Gold vested immediately and were exchanged for the number of options to purchase RSLV Shares based on the exchange ratio discussed in further detail in the Circular. All replacement options will expire on the earlier of (i) the expiration date of the underlying option for which the replacement option was exchanged and (ii) 12 months from the date of issuance of the replacement option.
As a result of the Transaction, Renya Gold has become a wholly-owned subsidiary of Reyna Silver. Accordingly, the REYG Shares have been halted from trading on the TSX Venture Exchange (the "TSXV"). Reyna Silver intends to cause the REYG Shares to be delisted from the TSXV and OTCQB and to submit an application to the applicable securities regulators to cease to be a reporting issuer in order to terminate its public company reporting obligations as soon as possible.
Full details regarding the Transaction and information regarding the procedure for the exchange of REYG Shares for the Consideration are provided in the Reyna Gold's management information circular dated September 6, 2024 (the "Circular"). The Circular is available on SEDAR+ under Reyna Gold's profile at www.sedarplus.ca and on Reyna Gold's website at www.reynagold.com.
Amendment to Gryphon Summit Option Agreement
Reyna Silver and Reyna Gold are also pleased to announce that they have reached an agreement to amend and restate the terms of their option agreement dated August 29, 2023 (the "Original Agreement") with Golden Gryphon USA Inc. ("Golden Gryphon") pursuant to which Reyna Gold and Reyna Silver, jointly, had the ability to earn up to a
The Amended Agreement reflects changes resulting from the Transaction and provides that Reyna Silver will assume all of Reyna Gold's rights and obligations under the Original Agreement. As a result, among other things, Reyna Silver now has the sole ability to earn up to a
The Amended Agreement and the issuance of common shares of Reyna Silver under the Amended Agreement is conditional on the acceptance of the TSXV. A copy of the Amended Agreement will be filed on Reyna Silver's SEDAR+ profile at www.sedarplus.ca
The Debt Conversion
As contemplated in Reyna Gold's October 11, 2024 news release, immediately prior to the consummation of the Transaction, Reyna Gold issued 838,750 REYG Shares (the "Debt Shares") to certain directors and officers in exchange for the cancellation of
Resignation and Appointment of Reyna Gold Directors
Following the Transaction, all the directors and officers of Reyna Gold voluntarily agreed to resign from their positions. Jorge Ramiro Monroy, Michael Wood and Alexander Langer have been appointed as the new board of directors of Reyna Gold.
Early Warning Reporting
By virtue of its acquisition of all of the issued and outstanding REYG Shares under the Transaction, Reyna Silver is required to file an early warning report pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Report Issues. A copy of the early warning report will be filed on Reyna Gold's SEDAR+ profile at www.sedarplus.ca.
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. Reyna Gold has an experienced management team with a proven track record of wealth creation through project discovery, advancement, and monetization. Reyna Gold is a wholly-owned subsidiary of Reyna Silver and intends to apply to have its shares delisted from the TSXV and OTCQB and to cease to be a reporting issuer.
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: results of the drill campaign at the Gryphon Summit Project, results the application of Reyna Gold to cease being a reporting issuer in applicable jurisdictions, the application of certain exemptions found in MI 61-101, the terms and conditions of the Original Agreement and the Amended Agreement, the ability of the Reyna Silver (and if applicable, Reyna Gold) to fully earn in under the Option, the ability of Reyna Silver and Reyna Gold to receive TSXV approval of the Amended Agreement, 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 and Reyna Silver'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 Gold's and Reyna Silver'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 for the Amended Agreement, and the other risks factors set forth in the "Risk Factors" section in Reyna Gold's and Reyna Silver'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 Gold and Reyna Silver. The forward-looking information contained in this news release is made as of the date hereof and Reyna Gold and Reyna Silver undertake no 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.
SOURCE: Reyna Silver Corp.
View the original press release on accesswire.com
FAQ
What is the exchange ratio for Reyna Gold shares to Reyna Silver (RSNVF) shares in the merger?
What percentage of Reyna Silver (RSNVF) do former Reyna Gold shareholders now own?
What changes were made to the Gryphon Summit Option Agreement?
