High Grade surface silver results up to 920g/t Ag recorded ~300m to the
Silver47 Exploration Corp. (TSXV: AGA) (OTCQB: AAGAF)(“Silver47”) and Summa Silver Corp. (“Summa”) (TSXV: SSVR) (OTCQX: SSVRF) (together, the “Companies”) are pleased to announce that they have entered into an arm’s length definitive arrangement agreement dated May 12, 2025 (the “Arrangement Agreement”) for an at-market merger, pursuant to which Silver47 and Summa have agreed to combine their respective companies (the “Transaction”) by way of a court-approved plan of arrangement. The combined company (the “Combined Company”) is expected to continue under the name “Silver47 Exploration Corp.”
Gary R Thompson, CEO of Silver47, stated: “This merger with Summa fits perfectly with our desire to scale up, providing better access to capital. We believe that this transaction is accretive to shareholders, and we look forward to unlocking further value by growing our resources and advancing them toward development. This transaction will hold several high-profile projects within one of the world’s top mining jurisdictions.”
The Combined Company will become a premier high-grade silver focused explorer and developer with a portfolio of silver-rich mineral resource staged projects in the United States (Alaska, Nevada and New Mexico). Collectively, the Companies’ mineral resources equal approximately 10 Moz AgEq at 333 g/t AgEq of indicated mineral resources and 236 Moz AgEq at 334 g/t AgEq inferred mineral resources (see mineral resource table below for full details) with substantial upside and a shared vision for significant additional silver discovery and consolidation.
Galen McNamara, CEO of Summa, stated: “This merger with Silver47 is a transformative step toward our shared vision of building a premier precious metals company moving towards 1 billion ounces of silver equivalent ounces in the ground anchored in America’s most prolific mining jurisdictions. By uniting Summa’s and Silver47’s high-grade projects, we expect to create a leading silver development company with the scale, expertise, and ambition to unlock value for our shareholders and lead the next wave of development in the U.S. silver sector.“
Under the terms of the Transaction, Summa shareholders will receive 0.452 common shares of Silver47 (each whole share, a “Silver47 Share”) in exchange for each Summa common share (each a “Summa Share) held (the “Exchange Ratio”). Upon completion of the Transaction, existing Silver47 shareholders and Summa shareholders will own approximately 56% and 44% of the outstanding Silver47 Shares, respectively (but prior to the completion of the Offering (as defined below)). The Exchange Ratio implies consideration of C$0.30 per Summa Share based on the 20-day volume weighted average price (“VWAP”) of the Silver47 Shares on the TSX Venture Exchange (the “TSXV”) on May 12, 2025. The consideration represents a no-premium Transaction to Summa’s 20-day VWAP.
Strategic Rationale for Transaction
- Creation of a Leading High-Grade US-Focused Silver Explorer and Developer: The…
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