10:37 AM EST - Canaco Resources Inc. : announced that the company has entered into a letter of intent with Beijing Donia Resources Co. Ltd. to acquire 70% of the outstanding shares of Harvest Mining PLC, a private Ethiopian exploration company. Harvest owns 100% interest in 605 km2 of exploration concessions in the Tigray state of Ethiopia. These concessions host several identified gold enriched, polymetallic volcanogenic massive sulphide prospects. The company said that the purchase price is $6.0 million, payable on closing with $4.0 million in cash and issuance of an additional 3.5 million shares to Donia at a deemed price of $0.57 per share. Canaco Resources Inc.
shares V.CAN are trading down $0.02 at $0.65.
