Greywolf Capital Management LP intends to vote AGAINST the proposed acquisition of Superior Gold by Catalyst Metals

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

View original content: http://www.newswire.ca/en/releases/archive/May2023/16/c4549.html