Tuscan Capital, Ltd. acquired Rae Wallace Peru S.A.C. from Sanborn Resources, Ltd. for $1.1 million.
January 12, 2014 at 11:00 pm EST
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Tuscan Capital, Ltd. agreed to acquire Rae Wallace Peru S.A.C. from Sanborn Resources, Ltd. (OTCPK:SANB) for $1.1 million on December 16, 2013. The share purchse agreement was signed on December 30, 2013. As per the terms of the deal, as consideration Tuscan Capital shall assume the promissory notes, including all principal and interest payments outstanding and cancelled three promissory notes in which Tuscan had loaned Sanborn Resources a total of $0.92 million. The deal was approved by shareholders of Sanborn Resources, Ltd. on December 16, 2013 via majority written consent.
Tuscan Capital, Ltd. completed the acquisition of Rae Wallace Peru S.A.C. from Sanborn Resources, Ltd. (OTCPK:SANB) on December 30, 2013.
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