Varianz Corp. entered into a binding letter of intent to acquire Savanna Capital Corp. (TSXV:SAC.P) in a reverse merger transaction on May 30, 2019. Varianz Corp. entered into a business combination agreement to acquire Savanna Capital Corp. (TSXV:SAC.P) in a reverse merger transaction on August 30, 2019. Prior to closing, Savanna Capital Corp. will split its shares on a 3.2911508 new for one old share basis, resulting in approximately 41.5 million common shares being issued and outstanding. Upon the completion of the transaction, the resulting issuer shall consolidate its shares on a two old for one new share basis, resulting in approximately 98.7 million common shares being issued and outstanding and shareholders of Savanna holding 20.7 million shares. Two principal shareholders of Varianz, Ribagorza Investment S.A. and Landsons Investments Corporation are each expected to own approximately 30% of the common shares of the resulting issuer. As per amended filing, two principal shareholders of Varianz, Ribagorza Investment S.A. and Landsons Investments Corporation, are each expected to own approximately 27% of the common shares of the resulting issuer. Pursuant to the terms of transaction, the combined entity of Savanna Capital Corp. and Varianz Corp. will continue to carry on the business of Varianz Corp. under its name and will list its securities on the Exchange. As per November 8, 2019 filing, The resulting issuer will trade under the name “Varianz Group Corp.” or such other similar name as may be accepted by the relevant regulatory authorities and approved by its board of directors. The transaction may terminate if definitive agreement is not entered into on or before June 14, 2019 or the conditions have not been fulfilled. Prior to the completion of the transaction, Savanna Capital Corp. will complete a non-brokered offering of 8 million common shares at a price of CAD 0.10 per share for gross proceeds of approximately CAD 0.8 million. Prior to the completion of the transaction, it is anticipated that, Varianz Corp. will complete a non-brokered private placement of approximately 16 million units at a price of CAD 0.05 per share for gross proceeds of approximately CAD 0.8 million. In August 2019, Varianz completed a non-brokered private placement of approximately 26,666,667 units at a price of CAD 0.03 per target unit for gross proceeds of approximately CAD 0.8 million. The parties have negotiated and agreed to a break fee in the amount of CAD 0.175 million which shall be payable to Savanna within two business days following the termination of the transaction. At closing of the transaction, all of the existing Directors and officers of Savanna Capital Corp. will resign and the Board of Directors of the resulting issuer shall be composed of a minimum five and a maximum of ten Directors. The transaction is subject to regulatory approvals and standard closing conditions, including the approval of the Directors of each of Savanna Capital Corp. and Varianz Corp. of the definitive agreement, among others. The deal is not subject to approval from Savanna Capital Corp. shareholders, but shareholders meeting shall be held to consider share-split, election of the Directors of the resulting issuer to replace the current Directors of Savanna Capital Corp. and other matters. The deal is conditional upon completion of the Savanna Capital Corp.’s offering and the Varianz Corp.’s offering, parties entering into definitive agreement, approval for listing of shares on the Exchange and the required approval of any other third parties. The deal is also subject to Varianz obtaining the Colombian licenses, Savanna Capital and Varianz entry into an escrow agreement, dissent rights not being exercised in respect of a total number of Varianz common shares, completion of Varianz consolidation and Varianz and Savana settling the Management Services Agreement. It is anticipated that the transaction and the definitive agreement will be put before the shareholders of Varianz for their approval. As of July 25, 2019, Savanna and Varianz Corp have entered into an amended and restated letter of intent. The amendments include there will be no Savanna offering, the Varianz offering has been adjusted to consist of 26.67 million target units for gross proceeds of CAD 0.8 million. In addition to the Varianz offering, Varianz Corp will complete a second non-brokered private placement. Savanna will not complete a share split. The consolidation has been revised such that, on or prior to the completion of the transaction, but after the completion of the Varianz offerings and the brokered offering, Varianz Corp will consolidate its shares on a 3.25 old for 1 new share basis. Savanna and Varianz shall have until August 15, 2019 to enter into the definitive agreement. Effective August 15, 2019, Savanna Capital has executed a first amendment to the Amended and Restated Letter of Intent dated July 26, 2019 Varianz anticipates receiving a bona fide third-party offer to combine its business with another entity in the Colombian cannabis industry (the "Potential Acquisition"). Accordingly, the parties have agreed to extend the date to enter into the definitive agreement until August 29, 2019. The transaction is expected to be completed on or about November 30, 2019. As per the amendment to the business combination agreement effective November 29, 2019, the parties have agreed to extend the termination date from November 30, 2019 to January 22, 2020. As of January 15, 2020, – Savanna Capital Corp. has executed an amendment to the business combination agreement to extend the termination date from January 31, 2020 to February 28, 2020. As of February 28, 2020, Savanna Capital Corp. has executed an amendment to extend the termination date from February 28, 2020 to March 31, 2020. WD Capital Markets Inc. acted as the financial advisor to Varianz and will be paid a fee of 3% of the imputed value of the resulting issuer on a pre-completion of the transaction basis, payable in equity of the resulting issuer upon completion of the transaction. Wildeboer Dellelce LLP acted as legal advisor to Savanna and Varianz. Varianz Corp. cancelled the acquisition of Savanna Capital Corp. (TSXV:SAC.P) in a reverse merger transaction on March 31, 2020. The transaction was terminated due to the failure of Savanna and Varianz to close the transaction by March 31, 2020 and Savanna elected to not extend the term of the combination agreement.