Savanna Capital Corp. Executes Second Amendment to Business Combination Agreement With Varianz Corp.

TORONTO, Jan. 15, 2020 (GLOBE NEWSWIRE) — Savanna Capital Corp. (“Savanna”), a capital pool company as defined under Policy 2.4 – Capital Pool Companies (the “Policy”) of the TSX Venture Exchange (the “Exchange”), announces that effective January 15, 2020, it has executed an amendment (the “Second Amendment”) to the business combination agreement dated August 30, 2019 (the “Definitive Agreement”) between Savanna and Varianz Corp. (“Varianz”), to extend the termination date from January 31, 2020 to February 28, 2020. All other terms of the Definitive Agreement remain in full force and effect and unamended.
Extension of Time Frame to Complete Transaction
Savanna’s common shares (the “Savanna Shares”) commenced trading on the Exchange on January 22, 2018. On June 5, 2019, Savanna announced the proposed business combination with Varianz as its Qualifying Transaction (the “QT”) and a trading halt of the Savanna Shares. To date, Savanna has made progress towards completing the QT, but does not anticipate completing the QT within the 24-month time frame from initial listing as prescribed by the Exchange. At this time there has been no action to delist or transfer the listing of Savanna Shares to the NEX and Savanna will continue to update the market in the event that there are any anticipated changes with regards to its listing.
About SavannaSavanna is a Capital Pool Company (as defined in the policies of the Exchange) listed on the Exchange. Savanna has no material liabilities, approximately $100,000 in cash, 4,600,000 common shares and 460,000 options issued and outstanding.Further Information
For further information regarding the proposed transaction, please contact:Savanna Capital Corp.
Kenny Choi
Tel: (416) 861-2262
Varianz Corp.
Alejandro Jimenez
Tel: (+57) 314 220-5410
Certain statements in this release are forward-looking. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company’s control. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.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.
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