Savanna Capital (TSX-V:SAC.P) intends to change its name to North American Silver, subject to exchange approval and closing a proposed merger transaction with privately held 1000090242 Ontario.
1000090242 Ontario is a privately held corporation existing under the laws of the Province of Ontario and Exploraciones de SL Cordero, a Mexican wholly owned subsidiary of San Luis. San Luis wholly owns the San Luis de Cordero project.
San Luis holds the mineral claims covering 1,216.99 hectares in Mexico. The project features three different mineralisation styles and silver-copper veins which have been mined in the 1970s. The skarn has been drill tested for a strike length of 750m, but has a potential of 3.5km of total strike length with known mineralisation zones.
Savanna Capital is currently updating its filing statement with respect to the proposed transaction and expects to submit an updated technical report on the San Luis Project with the exchange prior to 31 March 2026.
Prior to completing the transaction, San Luis is expected to complete a non-brokered private placement to raise C$2.5 million. The placement will comprise the issue of 10 million shares at an issue price of C$0.25 per share.
Write to Aaliyah Rogan at Mining.com.au
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