Didn't see this posted, apols if missed, but interesting release from Superior yesterday in relation to tie-up deal:
SUPERIOR GOLD WELCOMES THE ENDORSEMENT FROM THREE HIGHLY EXPERIENCED INSTITUTIONAL MINING INVESTORS FOR THE ARRANGEMENT WITH CATALYST, REAFFIRMING THE LOGIC OF SUPERIOR GOLD'S DIRECTORS UNANIMOUSLY SUPPORTING THE ARRANGEMENT
https://ceo.ca/@newswire/superior-gold-welcomes-the-endorsement-from-three-highly
TORONTO,May 31, 2023/CNW/ - Superior Gold Inc.("Superior" or the "Company") (TSXV: SGI) (OTCQX: SUPGF) welcomes the endorsement of three experienced institutional shareholders that have previously entered into binding voting and support agreements in connection with the proposed arrangement (the "Arrangement") with Catalyst Metals Limited ("Catalyst") (ASX:CYL). Superior also provides an update on the approval process for the Arrangement.
The endorsement for the Arrangement comes from three of Superior's largest shareholders:Franklin Templeton, Aegis Financial Corporation and Donald Smith Value Fund L.P. These three, and one other institution, collectively own approximately 22% of Superior's issued and outstanding common shares as of the date hereof.
The directors and officers of Superior unanimously support the Arrangement and strongly recommend that Superior's shareholders ("Shareholders") vote in favour of the Arrangement at the special meeting to be held onJune 26, 2023(the "Meeting"). The Arrangement will provide Shareholders with ownership in a well-funded, diversified gold producer with proven exploration capabilities. Shareholders will retain exposure to the Plutonic gold mine as well as benefit from the future development of high grade deposits at Catalyst's neighbouring Marymia tenements.
"The support from three of Superior's largest Shareholders, who are very sophisticated mining investors, validates the industrial logic of the Plutonic gold belt consolidation. The reason for their support is that it gives Superior Shareholders very real opportunity for growth much earlier than would have otherwise been possible should Superior and Catalyst remain separate. Superior's directors and officers have already unanimously recommended, and intend to vote in favour of the transaction. We strongly encourage all other Shareholders to do the same. Catalyst and Superior's management continue to work closely to plan the integration of the two companies, in anticipation of a favourable Shareholder vote at the Meeting and we encourage shareholders consider reviewing information regarding Catalyst as it becomes available." saidChris Jordaan, Superior's President and Chief Executive Officer.
With regards to the approval process, Superior announces that it successfully obtained an interim order for the Arrangement onTuesday, May 23, 2023, from the Ontario Superior Court of Justice (Commercial List).
Superior will publish a management information circular (the "Circular") in advance of the Meeting, which among other things will outline the benefits of the Arrangement. The Circular will be mailed to Shareholders and will be filed on Superior's website athttps://superior-gold.comand under Superior's SEDAR profile atwww.sedar.com.
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