Latest announcement: 24 June 2010
Volcan increases its access to the Australian public investment markets New York, June 24, 2010
(PR NEWSWIRE) – Volcan Holdings, Inc. (OTCBB:VOHO) (the “Company” or “Volcan”) – has reached an agreement to acquire a controlling stake in Australian Gold Investments Limited (AGV), a diversified minerals exploration company listed on the Australian Securities Exchange (ASX).
Specifically, Volcan has agreed to transfer 80% of 3 of its North Queensland bauxite projects into AGV, in return for an issue to Volcan of shares of AGV that will represent approximately 43% of AGV, plus an equivalent number of options.
The agreement is binding subject to AGV shareholder approval.
The projects are the 5 tenements that comprise the South Johnstone, Ravenshoe and Atherton projects held by Volcan in North Queensland; exploration Licenses EPM18138, EPM18139, EPM18140, EPM18463 and EPM18464.
Following the transfer of Volcan’s interest in these projects to AGV, Volcan will continue to retain a 100% interest in the 26 other bauxite tenements that it owns throughout eastern Australia.
To read full announcement click here: Volcan Press Release 24 June 2010
