Savanna Capital Corp. announced that it has entered into a binding letter of intent (the "Letter Agreement") with 1000090242 Ontario Inc., which outlines the general terms and conditions pursuant to which Savanna and San Luis have agreed to complete a transaction that will result in a reverse take-over of Savanna by the current shareholders of San Luis.
At closing of the Transaction, all of the existing directors and officers of Savanna will resign and the board of directors of the Resulting Issuer shall be composed of a minimum 3 and a maximum of 10 directors.