Crazy Horse Resources has entered into a Letter of Intent regarding a proposed transaction with Ballyliffin Capital Corp, a capital pool company. 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.
Subject to any regulatory, director or other approvals that may be required, the completion of satisfactory due diligence by Ballyliffin and other conditions contained in the agreement, it is anticipated that the transaction will involve an amalgamation of Ballyliffin with Crazy Horse.
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. Taysan is a porphyry copper-gold project hosted by several quartz-diorite intrusive bodies at the margin of the large San Juan Diorite batholith.
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 2-year exploration work program, a feasibility study and a declaration of mining project feasibility prior to approving the renewal of the exploration permit.