Canadian Towers and Fiber Optics Inc. (CT&FO) entered into a letter of intent to acquire Savannah Minerals Corp. (TSXV:SV.H) for CAD 10.4 million in a reverse merger transaction on March 28, 2022. Savannah Minerals Corp.

expects to issue approximately 40.13 million Savannah Common Shares and 10 million Savannah Warrants upon closing of the acquisition. Each issued and outstanding common share in the capital of CT&FO will be exchanged for one common share in the capital of Savannah. The acquisition is subject to the parties successfully entering into a definitive agreement.

The letter of intent also contemplates other material conditions precedent to the closing of the acquisition, including customary due diligence, receipt of all necessary regulatory, corporate and third-party approvals and compliance with all applicable regulatory requirements. As of June 1, 2022, Savannah Minerals has extended the termination date of the letter of intent with respect to the transaction. The agreement has been extended to July 29, 2022 and may be further amended as mutually agreed to in writing.

Savannah Minerals Corp. announces that it has applied for voluntary delisting of the common shares in the Capital of the Company from trading on the NEX board of the TSX Venture Exchange. Savannah will not sign a definitive agreement nor complete the Acquisition until after it has delisted from the Exchange.

As of October 24, 2022, Savannah Minerals Corp. has received the requisite minority shareholder approval for the delisting of its common shares (“Shares”) from the NEX board of the TSX Venture Exchange (the “Exchange”).As of September 2, 2022, Savannah and Canadian Towers and Fiber Optics Inc. continue to negotiate the terms of a definitive agreement, and have agreed to extend the expiration date of the LOI to September 30, 2022. As of October 24, 2022, Savannah and Canadian Towers and Fiber Optics Inc. continue to negotiate the terms of a definitive agreement, and have agreed to extend the expiration date of the LOI to October 31, 2022.

As of November 7, 2022, Savannah and Canadian Towers and Fiber Optics Inc. continue to negotiate the terms of a definitive agreement, and have agreed to extend the expiration date of the LOI to January 31, 2023.