Summa Silver Receives Shareholder and Court Approval for Plan of Arrangement
Rhea-AI Summary
Summa Silver Corp. (OTCQX: SSVRF) has secured both shareholder and court approval for its previously announced acquisition by Silver47 Exploration Corp. At the special shareholder meeting on July 24, 2025, an overwhelming 99.75% of votes (44,833,356 shares) were cast in favor of the transaction.
The Supreme Court of British Columbia granted final approval on July 25, 2025. The transaction is expected to close around August 1, 2025, with Summa's shares planned for delisting from TSX Venture Exchange near August 5, 2025. Following completion, Summa will seek to terminate its reporting issuer status under Canadian securities laws.
Positive
- Overwhelming shareholder approval with 99.75% of votes in favor
- Court approval obtained from Supreme Court of British Columbia
- Clear timeline for transaction completion established
Negative
- Delisting from TSX Venture Exchange will reduce stock liquidity
- Company will cease to be a public reporting issuer in Canada
News Market Reaction 1 Alert
On the day this news was published, SSVRF declined 5.60%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2025) - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) ("Summa" or the "Company") is pleased to announce that at the special meeting (the "Meeting") of shareholders of the Company (the "Shareholders") held on July 24, 2025, the Shareholders overwhelmingly voted to approve the previously announced plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Silver47 Exploration Corp. will acquire (the "Transaction") all of the issued and outstanding common shares of the Company (the "Shares").
The Transaction required approval by the affirmative vote of at least two thirds of the votes cast by Shareholders. Of the votes cast at the Meeting with respect to the Transaction, an aggregate of 44,833,356 Shares were voted in favour of the Transaction, representing approximately
The Company is also pleased to announce that the Supreme Court of British Columbia granted a final order approving the Transaction on July 25, 2025.
The Transaction remains subject to certain customary closing conditions and is expected to close on or about August 1, 2025. It is anticipated that Summa's Shares will be delisted from the TSX Venture Exchange on or about August 5, 2025. Following completion of the Transaction, Summa will apply to cease to be a reporting issuer under applicable Canadian securities laws.
About Summa
Summa Silver Corp. is a junior mineral exploration company. Summa owns a
Galen McNamara
Chief Executive Officer
info@summasilver.com
www.summasilver.com
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com
Follow Summa Silver on X: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/
Website: https://www.summasilver.com
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.
Forward looking and other cautionary statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although the Company has attempted to identify important factors and risks that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: the ability of Summa and Silver47 to satisfy the conditions to complete of the Transaction. In making the forward-looking statements in this news release, Summa has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260204
FAQ
When will Summa Silver (SSVRF) complete its acquisition by Silver47 Exploration?
What percentage of Summa Silver shareholders approved the Silver47 acquisition?
When will Summa Silver (SSVRF) be delisted from the TSX Venture Exchange?
What approvals has Summa Silver received for the Silver47 acquisition?
What happens to Summa Silver's reporting status after the Silver47 acquisition?
