Savanna proposes to make a follow-up offer to the remaining shareholders later in the year. Upon acceptance of the offer by all of Chromium’s shareholders, Savanna intends to make the company a wholly-owned subsidiary.
American Chromium has an equity interest in Savanna and a 22% interest in Courageous Exploration (ASE). The company also has a 50% interest in a Nevada gold prospect which is being explored by Hol-Lac Gold Mines. A chromite property is held in Oregon.
At Savanna’s Turner Albright polymetallic deposit in Oregon, Aur Resources (TSE) has an option to earn an interest by spending $2.25 million on exploration.
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