Savannah Gold Corp. Announces Share Consolidation and Private Placement
22698918.1
SAVANNAH GOLD CORP.
FOR IMMEDIATE RELEASE
Contact: Investor Relations February 10 , 2017
Phone (604) 684-2181
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
Savannah Gold Corp. Announces Share Consolidation and Private Placement
Vancouver, BC – Friday , February 10 , 2017 – Savannah Gold Corp. (TSXV – SAV.H) (the
“Company” or "Savannah") announces that the Company's Board of Directors has
determined to consolidate the Company’s issued shar e capital on a ratio of one (1) new post-
consolidated common share for every five (5) old pr e-consolidated common shares (the
"Consolidation "). The Company currently has 15,230,153 issued and outstanding common
shares and on completion of the Consolidation there is expected to be 3,046,030 issued and
outstanding common shares. Shareholder approval of the Consolidation is not required under
the policies of the TSX Venture Exchange nor under corporate legislature governing the
Company.
The Board of Directors determined the Consolidation was necessary in order for the Company
to raise additional capital and seek new business o pportunities. Savannah is pleased to
announce that it has negotiated, subject to regulat ory approval, a non-brokered private
placement (the " Private Placement ") for total gross proceeds of up to $ 255,000 . The Private
Placement will consist of up to 1,700,000 post Consolidation common shares at a price of $0.15
per post Consolidation common share. Proceeds of th e Private Placement will be used to pay
outstanding debt and for general working capital.
On successful completion of the Consolidation and P rivate Placement, the Company expects to
have 4,746,031 common shares issued and outstanding. The Company does not intend to
change its name at this time.
The Consolidation and Private Placement are subject to the acceptance of the TSX Venture
Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Praveen Varshney, FCPA, FCA
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept s responsibility for the adequacy or
accuracy of this release.