RE:RE:RE:MAS Gold Enters Definitive Agreement To Be Acquired By South VANCOUVER , Oct. 21, 2020 /CNW/ - Southern Empire Resources Corp. (Southern Empire) (TSXV: SMP) ( Frankfurt : 5RE) announces that MAS Gold Corp. (MAS Gold) (TSXV: MAS ) has informed Southern Empire that the special resolution to approve the plan of arrangement between MAS Gold and Southern Empire was not approved by the shareholders of MAS Gold at the special meeting of MAS Gold held on October 20, 2020 (the "Meeting"). A total of 65.67% of the MAS Gold shareholders present at the meeting (in person or by proxy), voted in favour of the special resolution, however, a vote of 66.66 % was required. Given the shareholders of MAS Gold did not approve the plan of arrangement, Southern Empire will not be proceeding with its proposed acquisition of all of the issued and outstanding shares of MAS Gold.
Dale Wallster , CEO of Southern Empire stated: "We are very disappointed given that we came within 1 percent of achieving our objective. 78.77% of the issued MAS Gold share capital was voted at the Meeting and the majority of those MAS Gold shareholders that voted were in favour of Southern Empire's proposed acquisition transaction, but the minority ruled the day. We would like to especially thank the many MAS Gold shareholders who supported our efforts and believed in our vision." Continuing, he said: "Southern Empire currently has working capital of about $7 ½ million. We will use our strong balance sheet to focus on lower-risk, higher-grade gold assets, such as our Oro Cruz Gold Project."