Sierra Madre Holdings Ltd. entered into an agreement to acquire L1 Capital Corp. on September 18, 2020. Under the terms of transaction, L1 Capital will issue 31.9 million shares to shareholders of Sierra Madre on a one-for-one basis. Upon completion, each shareholder of L1 Capital will hold a proportional interest in 4% of the capital stock of the combined company and each shareholder of Sierra Madre will hold a proportional interest in 96% of the capital stock of the combined company. As a result of the transaction, the business of Sierra Madre will become the business of the L1 Capital. The L1 Capital intends to apply to list the shares on the TSXV. Listing will be subject to the combined company fulfilling all of the listing requirements of the TSXV. Sierra Madre completed a private placement of pre-Consolidation Sierra Madre shares at a price of CAD 0.10 per share in two tranches, on June 18, 2020 and June 25, 2020, through the issuance of a total of 21,241,666 pre-Consolidation Sierra Madre shares for aggregate gross proceeds of CAD 2.1 million. On September 18, 2020, Sierra Madre completed a consolidation of all of the issued and outstanding Sierra Madre shares (the “Consolidation”) on the basis of one post-Consolidation Sierra Madre share for every one and-one-half (1.5) pre-Consolidation Sierra Madre Shares. In October 2020, Sierra Madre completed a private placement of 30.6 million shares. Each of such share will be automatically converted into one common share of the combined company upon obtaining a conditional listing of the combined company’s shares on the TSX Venture Exchange prior to March 31, 2021. The proceeds from this placement will be held in escrow until the company obtains its conditional listing. Should a conditional listing not be attained by March 31, 2021, then the subscription receipts must be repaid to the subscribers. L1 Capital Corp. to change its name to Sierra Madre Gold and Silver Ltd. The transaction is subject to Sierra Madre Holdings shareholders approval, the time period for the exercise of any Dissent Rights will have expired and Dissent Rights will have been exercised in respect of no more than 5% of the issued and outstanding Sierra Madre Holdings shares and obtaining of regulatory approval. Sierra Madre Holdings Ltd. completed the acquisition of L1 Capital Corp. on November 30, 2020. On December 15, 2020, the combined company changed its name to Sierra Madre Gold and Silver Ltd. As of March 25, 2021, Sierra Madre received a conditional listing approval from the TSX Venture Exchange.