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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) has entered into an arrangement agreement with Reyna Silver Corp. to combine their operations. Under the terms, Reyna Silver will acquire all issued and outstanding shares of Reyna Gold, with REYG shareholders receiving 1 RSLV share for every 3 REYG shares held. This represents a 48% premium based on the 20-day VWAP. The transaction aims to create a larger-scale entity with increased access to capital and an expanded portfolio of silver-lead-zinc-copper exploration assets in the US and Mexico. Upon completion, REYG shareholders will hold approximately 10% of the combined entity. The deal is expected to close in September 2024, subject to regulatory approvals and shareholder vote.
