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Serengeti and Sun Metals Announce Results of Shareholder and Securityholder Meetings

VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (TSX-V: SIR) (a??Serengetia??) and Sun Metals Corp. (TSX-V: SUNM) (a??Sun Metalsa??) are pleased to announce the results of the Serengeti special meeting of shareholders and the Sun Metals special meeting of securityholders, which were held virtually on February 26, 2021.
Serengeti Meeting A total of 61,078,247 common shares were voted at the Serengeti special meeting of shareholders, representing 55.02% of total common shares issued and outstanding as at the record date of the meeting. Shareholders voted in favour of all items put forward by the Board of Directors and management:

99.93% in favour of the resolution to approve the plan of arrangement involving Serengeti and Sun Metals Corp.;



99.83% in favour of the resolution to approve the consolidation of Serengeti common shares (the a??Consolidationa??) on the basis of one (1) post Consolidation Serengeti common share for every two (2) pre-Consolidation Serengeti common shares;



99.61% in favour of the resolution to approve the amended and restated stock option plan of Serengeti;



99.67% in favour of the resolution of disinterested Serengeti Shareholders to approve a deferred share unit plan of Serengeti;



99.67% in favour of the resolution of disinterested Serengeti Shareholders to approve a restricted share unit plan of Serengeti.


Sun Metals MeetingA total of 70,399,056 common shares, 11,182,667 stock options, and 586,250 warrants were voted at the Sun Metals special meeting of securityholders, representing 41.00% of total common shares issued and outstanding as at the record date of the meeting, 83.87% of stock options issued and outstanding as at the record date of the meeting, and 1.86% of warrants issued and outstanding as at the record date of the meeting. Shareholders, and shareholders, optionholders and warrantholders voting as a single class, voted 99.84% and 99.86%, respectively, in favour of the sole item put forward by the Board of Directors and management, being the resolution to approve the plan of arrangement involving Serengeti and Sun Metals Corp. The arrangement resolution was also approved by a majority of Sun Metalsa?? disinterested shareholders, as required under applicable securities laws.
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