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Varca Ventures Inc. (OTCBB: VRCV) announced that it has acquired Wildcat Mining Corporation, a mineral and natural resource exploration company. Varca Ventures is a publicly-traded company listed on the OTC Bulletin Board under the symbol “VRCV.OB.” The terms of the acquisition transfer ownership of the assets of Wildcat to Varca. These assets include the May Day Idaho Mine Complex.
The May Day Idaho Mine Complex is an area of approximately 275 acres which lies at the southern edge of the La Plata mountain range. This region has a history of lode silver and gold production.
Concurrent with the acquisition, Varca’s sole officer and director resigned and the four current directors of Wildcat were appointed the directors of Varca. The officers of Wildcat were also appointed to their same positions at Varca. Notably, Randall Oser is Varca’s new President, joining Roger Tichenor who is Varca’s new CEO.
The May Day Idaho Mine Complex is attempting to obtain a conditional permit to conduct mining operations. The Colorado Division of Reclamation, Mining and Safety has recommended that the Colorado Mined Land Reclamation Board approve Wildcat’s permit with conditions.
“Our decision to be acquired by a publicly-traded company is the next logical and timely step for Wildcat. The listing in the U.S. capital markets will potentially provide shareholders with access to liquidity, with the ability to increase the company’s market capitalization as it executes its business plan and as natural resource valuations continue to maintain current or higher levels,” stated Randall Oser, President of Wildcat.
Wildcat was incorporated in Nevada on October 5, 2005 to engage in the business of acquisition and exploration of natural resource properties. Wildcat is an exploration stage company with no revenues or operating history. It currently owns the May Day Idaho Mine Complex, which is located 15 miles west of Durango, Colorado, in the California Mining District, situated in the southern extent of the San Juan Mountains located in La Plata County, Colorado. Currently there are no known mineral reserves on the property. Wildcat has not earned any revenues to date, and its independent auditor has issued an audit opinion which includes a statement expressing substantial doubt as to its ability to continue as a going concern.
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Jfangnc
Why the acqurieree’s management team becomes the new management?