SAVANNAH GOLD CORP. (TSX.V:SAV.H) (the “ Corporation ” or “ Savannah ”) is pleased to announce that it has entered into the definitive Share Excha nge Agreement (the “ Definitive Agreement ”) dated
SAVANNAH GOLD CORP.
FOR IMMEDIATE RELEASE
Contact: Investor Relations May 8, 2017
Phone (604) 684-2181 (No. 2017-05-09)
NEWS RELEASE
SAVANNAH GOLD CORP. (TSX.V:SAV.H) (the “ Corporation ” or “ Savannah ”) is pleased to announce
that it has entered into the definitive Share Excha nge Agreement (the “ Definitive Agreement ”) dated
May 8, 2017 with 1975293 Alberta Ltd., operating as E3 Metals (“ E3 Metals ”) and E3’s securities holders,
whereby all outstanding securities of E3 Metals wil l be exchanged for securities of Savannah
(the “Transaction ”). Savannah has also received conditional approva l from the TSX Venture Exchange
(the “ TSXV ”) for the Fundamental Acquisition (as that term is defined in the policies of the TSXV).
It is anticipated that Savannah will change its nam e to E3 Metals Corp. and will carry on with the
development of E3 Metals’ “petro-brine” projects in south-central Alberta. The Corporation proposes t o
complete its reactivation and upgrade to Tier 2 on the TSXV on closing of the Transaction.
“I am very pleased to have this important step in the acquisition process completed. As we have solidi fied
the Transaction, we can begin to set our sights on the first phase of the project development while th e
TSXV finalises their review of the National Instrum ent 43-101 technical report (the “ Report ”) on the
Clearwater and Exshaw Projects.” said Chris Doornbo s, who will assume the role of President and CEO
of the Corporation on closing of the Transaction. “E3 Metals is working on some exciting new
developments that we hope to finalise over the comi ng months. When the Transaction closes, we will
outline the details of our project plan for the next 12 months.”
Share Exchange Transaction
On closing of the Transaction, Savannah will pay E3 Metals $150,000 and issue to the securities holder s
of E3 Metals (i) a total of 6,000,000 common shares of the Corporation in exchange for 100% of the
outstanding shares of E3 Metals and (ii) 600,000 sh are purchase warrants (the “ Warrants ”) in exchange
for 100% of the outstanding share purchase warrants of E3 Metals. Each Warrant will be exercisable in to
one common share in the capital of the Corporation at an exercise price of $0.30 per share until April 19,
2020. Savannah has also provided a loan of $35,000 to E3 Metals for the purpose of continuing with
various project related initiatives.
Mr. Praveen Varshney, President of Savannah stated: “We are very excited to have quickly come to
agreement on this opportunity in the emerging petro -brine field of the lithium resource sector. We lo ok
forward to closing the Transaction and the resumption of trading shortly.”
The completion of the Transaction is subject to a n umber of conditions, including but not limited to, the
completion of satisfactory due diligence including the delivery and satisfactory review of the audited
financial statements of E3 Metals and the satisfactory review and approval of the Report by the TSXV.
Miscellaneous Terms
The securities to be issued in connection with the Transaction have not been and will not be registere d
under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”) or any state
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securities laws and may not be offered or sold with in the United States or to U.S. Persons (as defined in
Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Ac t
and applicable state securities laws or an exemption from such registration is available.
About Savannah
The Corporation’s historical business activity has been related to the exploration and development of
precious metals properties. Subsequent to completin g the Transaction, the Corporation will not pursue
precious metals exploration or development but will continue with the development of resource assets i n
the lithium sector.
Completion of the Transaction is subject to a numbe r of conditions, including TSXV acceptance. The
Transaction cannot close until the required approva ls are obtained. There can be no assurance that the
Transaction will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has
neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF SAVANNAH GOLD CORP .
(Signed) “Praveen Varshney”
Praveen Varshney
President