Crazy Horse Resources Inc announced that it has received the conditional approval of the TSX Venture Exchange to the completion of the acquisition of 100% interest in the Taysan Copper and Gold Porphyry Project in Batangas Province, Philippines consisting of 2 exploration permits and three exploration permit applications covering an aggregate area of 11,254 hectares hosting an advanced copper gold porphyry deposit.
The Company previously received conditional Exchange approval to its CAD 8,500,000 brokered private placement consisting of 11,333,333 subscription receipts and concurrent with the closing of the Acquisition, the Company will convert the subscription receipts to 11,333,333 units of the Company.
The closing of the Acquisition and the private placement is subject to the filing of final documentation with the TSX Venture Exchange and is expected to take place in the next several business days.
Under the terms of a mineral property purchase and sale agreement with Taysan Copper Corporation dated June 15th 2010, the Company will acquire on the Closing Date, all of Taysan Copper's 100% interest in the Project in exchange for (a) issuing 20,000,000 common shares of the Company to the shareholders of Taysan Copper Corporation (b) paying USD 1,700,000 and (c) granting a 1.5% net smelter royalty. Additionally, the Company will pay a finder's fee of 500,000 shares of the Company to an arms length third party.
The Acquisition will be completed at arm's length and will constitute a reverse take over under the Exchange's policies.
Source From: www.steelguru.com
Sunday, November 7, 2010
Crazy Horse receives approval to complete acquisition of Taysan project
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