Pursuant to these transactions, Serrano issued 11 million common shares to Canadian Phoenix, representing approximately 50.1% of the total number of Serrano shares outstanding.
The Canadian Phoenix Resources (CPH) transaction was comprised of the Freemont transaction, the subscription transaction and the farm-in transaction.
Concurrent with the completion of the Serrano transaction, and as a closing condition, Canadian Phoenix entered into corporate governance agreement (the CG agreement) with Serrano, Richard Bennett, the president and CEO of Serrano; and Grant Robertson, the vice president of business development and CFO of Serrano.
Thomas Stan, president and CEO of Canadian Phoenix, has been appointed to the board of directors of Serrano in satisfaction of a condition of the CG agreement. Mr Stan joins Barry Lee and Bryce Rhodes as a Canadian Phoenix nominee to the Serrano board of directors.
