Strachan Resources Scraps Silver Sun Buyout, Shelving Qualifying Transaction
Trading of Strachan Resources Ltd. (SCN-P.V) shares resumes with the opening bell this morning, nearly a week after the firm scrapped a deal to purchase property in Mexico from Silver Sun Resource Corp. (SSU.V), effectively slamming the brakes on Strachan's bid to become a Tier 2 mining issuer.
The June 20 agreement called on Strachan to pay $300,000 in cash and stock for the so-called Yoreme property, consisting of a single claim about 400 hectares in size in northern Mexico. Strachen did not say what factors influenced its decision, which followed more than two months of due diligence, but said it is again seeking to quickly identify and execute a qualifying transaction meeting TSX Venture Exchange rules.
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