PURCHASE, N.Y., May 16, 2023
/CNW/ -- Greywolf Capital Management LP ("Greywolf") manages funds
and accounts that own approximately 6.33% of the outstanding shares
of Superior Gold Inc. ("Superior" or the "Company") (TSXV: SGI,
OTCQX: SUPGF). Greywolf today announced its intention to vote
against the proposed acquisition of Superior by Catalyst Metals
Limited ("Catalyst") (ASX: CYL). After consideration of the
potential effect of the acquisition, Greywolf has determined that
the proposed transaction is not in the best interests of Superior
shareholders.
Greywolf's determination is based on a preliminary evaluation of
the transaction considering both the relative value attributed to
Catalyst and Superior assets as well as the impact of a recent
favorable court judgement granting Superior a 40% purchase right in
Marymia Tenements (an asset owned by Catalyst that is adjacent to
the Superior owned Plutonic Gold mine).
Greywolf is committed to maximizing shareholder value and
protecting the interests of its clients. In this case, based on
current information, Greywolf has concluded that the proposed
transaction undervalues Superior and its prospects.
Greywolf has communicated its decision to vote against the
proposed acquisition to Superior, subject to further review of the
management information circular and/or other relevant information
that becomes publicly available.
About Greywolf Capital Management LP
Greywolf is a private fund manager headquartered in Purchase, New York, with approximately
$3.9 billion in assets under
management.
Media inquiries:
ASC Advisors
Steve Bruce/Taylor Ingraham
phone: 203-992-1230
sbruce@ascadvisors.com / tingraham@ascadvisors.com
Investor Contact:
Greywolf Capital Management LP
Eric Miller, Business
Development
phone: 914-251-8200
eric.miller@greywolfcapital.com
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SOURCE Greywolf Capital Management