Sanborn Resources, Ltd. agreed to acquire Rae Wallace Peru S.A.C. from Rae Wallace Mining Co. (OTCPK: RAEW) and George Cole for $0.7 million.
April 15, 2013 at 12:00 am EDT
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Sanborn Resources, Ltd. (OTCBB:SANB) agreed to acquire Rae Wallace Peru S.A.C. from Rae Wallace Mining Co. (OTCPK: RAEW) and George Cole for $0.7 million in cash on March 2, 2013. Sanborn Resources, Ltd. entered into share purchase agreement on April 3, 2013. Sanborn Resources acquired 3.6 million shares of Rae Wallace and George Cole. The agreement was subject to waiver of first right of refusal, approval from regulatory authorities and third parties, and other conditions. The deal was approved by Board of Directors of Rae Wallace Mining on March 2, 2013. The proceeds from the sale of Rae Peru will be used to settle outstanding debts of Rae Wallace Mining with the balance retained for future opportunities. Chris Irwin of Irwin Lowy LLP acted as legal advisor to Rae-Wallace Mining.
Sanborn Resources, Ltd. (OTCBB:SANB) completed the acquisition of Rae Wallace Peru S.A.C. from Rae Wallace Mining Co. (OTCPK: RAEW) and George Cole on April 15, 2013. The deal is funded from a note issued by Sanborn Resources, Ltd. amounting to $0.78 million.
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