Bocana Resources Corp. – Provides an Update on the Proposed Bolivian Acquisition
24 Juli 2024 - 11:01PM
Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1)
("
Bocana" or the "
Company")
announces it terminated the non-binding letter of intent dated
March 25, 2024 (the "
LOI") and accordingly has
declined to proceed with the proposed purchase offer for the
acquisition (the "
Transaction") of all of the
outstanding shares of Empresa Minera Inti Raymi S.A. ("
INTI
RAYMI") in Bolivia.
The LOI provided a good faith due diligence
period which, upon the Company’s satisfaction, would lead to a
definitive agreement for the acquisition. While the Company had
secured institutional financial commitments and completed
preliminary geological, technical and operating assessments, the
due diligence identified deficiencies and material items that
required additional INTI RAYMI disclosures that have not been
satisfied. Accordingly, Bocana has elected not to proceed with a
stock purchase acquisition of INTI RAYMI at this time and has
terminated the LOI.
Additionally, the Company had requested from the
TSX Venture Exchange ("TSX-V") an extension of
time for the Company to hold the annual shareholder meeting, in the
event that any shareholder approvals would be necessary as a result
of the proposed transaction with INTI RAYMI. The extension was
granted and the Company intends to hold the annual general meeting
prior to October 31, 2024 ("AGM"). Additional
details on the AGM will be forthcoming.
About Bocana
Resources Corp.
Bocana is a mineral exploration and development
company focused on the acquisition, exploration, and development of
mineral properties in South America. Bocana, through its wholly
owned subsidiary, Huiracocha International Service SRL, currently
holds a 100% working interest in the mineral properties known as
the Escala area concessions located at the Department of Potosi,
Sud Lipez Province, Bolivia as awarded by Comibol.
Contact
Information
For more information on Bocana, visit:
https://bocanaresources.com.
For more
information or
interview requests,
please contact:
Timothy J. Turner – Chief Executive
Officerinfo@bocanaresources.com
Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information can be identified by words such as:
"intend", "believe", "estimate", "expect", "may", "will",
"approximately", "planning", "projected", "anticipate" and similar
references to future periods. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Bocana, as the case may be, to be materially
different from those expressed or implied by such forward-looking
information, including but without limitation, statements
pertaining to the AGM. All statements included herein involve
various risks and uncertainties because they relate to future
events and circumstances beyond Bocana's control.
Although Bocana has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Readers are cautioned not to
place undue reliance on forward-looking information. The
forward-looking statements contained in this news release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward- looking statements or
information, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term
is defined in
the policies of
the TSX Venture
Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
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