CRAZY Horse Resources has entered into an agreement regarding a proposed transaction with Ballyliffin Capital Corp, a capital pool company company listed on the TSX Venture Exchange. The amalgamation, in accordance with the Business Corporations Act (British Columbia), will create a new company under the name Asia Arc Inc.
Ballyliffin and Crazy Horse are at arm’s length, and accordingly, the transaction is not a ‘Non-Arm’s Length Qualifying Transaction’. As such, it is anticipated that approval of the shareholders of Ballyliffin will not be required for the transaction. Crazy Horse advised on June 4 that it has now executed a definitive amalgamation agreement.
Subject to any regulatory, director or other approvals that may be required, the completion of satisfactory due diligence by Crazy Horse and other conditions contained in the agreement, the transaction will involve an amalgamation of the corporation with Ballyliffin under the laws of British Columbia. Upon completion of the transaction, it is expected that the resulting amalgamated issuer will be listed on the exchange as a Tier 1 mining issuer.
Crazy Horse is a public company listed on the TSX Venture Exchange and its primary operations are in the Philippines. A drilling program was conducted during 2010 and 2011 on its flagship Taysan project in Batangas province of Luzon. Taysan is a porphyry copper-gold project hosted by several quartz-diorite intrusive bodies at the margin of the large San Juan Diorite batholith.
The project is hosted by several intrusive bodies with a high grade core consisting of breccias and quartz-magnetite vein stockworks. Emplacement of the diorite and ore is controlled by regional, cross cutting faults. Geological mapping and ground geophysics (magnetics and induced polarization surveys) indicate that exploration potential exists in Crazy Horse’s land holdings to discover new deposits.
Crazy Horse has focused on the central portion of the ore body in order to develop confidence in a suitably large copper resource amenable to open-pit mining. It is now focusing on the renewal of the exploration permit and filing its financial and technical assistance agreements (FTAA) with the Mining and Geosciences Bureau in the Philippines (MGB). The MGB has requested a number of documents including a revised two year exploration work program, a feasibility study and a declaration of mining project feasibility prior to approving the renewal of the exploration permit.