Solvista Gold Corp. and Rockcliff Resources Inc., further to the joint press release issued May 12, 2015, have closed the amalgamation of Rockcliff and a wholly owned subsidiary of Solvista. Pursuant to the amalgamation, each of the issued and outstanding securities of Rockcliff was exchanged for 0.9 of an equivalent security of Solvista. The newly amalgamated company, known as Rockcliff Resources, which holds all of Rockcliff's assets, is a wholly owned subsidiary of Solvista. Solvista has a total of 108,201,018 common shares issued and outstanding upon closing of the amalgamation and the settlement of certain current liabilities of Rockcliff through the issuance of common shares of Solvista. On closing, Ken Lapierre was appointed president and chief executive officer of Solvista, and Bruce Durham resigned as president and CEO. He will continue as a director and consultant to the company. The board of directors of Solvista would like to thank Mr. Durham for his service to the company as president and CEO. As part of the amalgamation, Ken Lapierre and Bill Johnstone joined Donald Christie, Bruce Durham, Roger Easterday, G. Edmund King, Miller O'Prey and Gerald McCarvill on the board of directors of Solvista.
At the shareholders meeting for Rockcliff held on June 17, 2015, in excess of 48 per cent of issued and outstanding capital of Rockcliff was represented. The amalgamation was approved by more than a 99-per-cent majority of the shareholders voting at the meeting. The common shares of Rockcliff can be traded immediately on the TSX Venture Exchange as Solvista shares at the exchange ratio, under the symbol SVV.
Ken Lapierre, the newly appointed president and chief executive officer of Solvista, stated: "I am very pleased with the support received from the shareholders of Rockcliff for the amalgamation. The new Solvista is well funded with exceptional copper assets, a management team with decades of mineral discovery experience and a dynamic board of directors with extensive experience in the financial sector. I am excited to be joining the Solvista team with the technical and financial background, and the funds in place to continue with the primary goal of becoming mine finders within the Snow Lake project located in Manitoba, Canada. Our first step in this process will be the commencement of a drill program at the Talbot property."