Canaco Enters Agreement for Development of Magambazi; Shares Up 13% From Yr Low

By
A A A

Canaco Resources (CAN.V) is currently the second most actively traded on the TSXV, with more than 2.27 million shares changing hands.

The company yesterday announced that it had entered into a memorandum of understanding ( MOU ) with an arm's length third party, a Chinese gold producer, to create a joint venture to develop Canaco's Magambazi project in Tanzania.

Under the terms of the MOU, Canaco and the Chinese gold company will form a joint venture to develop and explore the Handeni project. Canaco's initial contribution to the joint venture will be the Handeni property, including the Magambazi project and all rights and obligations within the Handeni property. The value of Canaco's initial contribution will be determined by an independent valuation firm retained by both parties. The Chinese gold company may earn up to a 55% interest in the joint venture by funding 100% of the costs of the ongoing operations of the joint venture until the earn-in is complete.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MOU

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com