VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Orca Gold Inc. ("Orca Gold" or the "Company") (formerly Canaco Resources Inc. ("Canaco") (TSX VENTURE: CAN)) is pleased to announce that it has acquired all of the outstanding common shares of Shark Minerals Inc. ("Shark") in exchange for the issuance of 118,584,735 of its common shares (the "Acquisition") pursuant to the previously announced share purchase agreement between Canaco, Shark and the shareholders of Shark dated December 14, 2012. In connection with the Acquisition, Orca Gold completed a share consolidation (the "Consolidation") on the basis of one (1) new share for three (3) existing shares resulting in issued capital of 106,834,124. As of closing, Orca Gold is 63% owned by former Canaco shareholders and 37% owned by former Shark shareholders.
The Company will continue to trade on the TSX Venture Exchange ("the TSX-V") under the ticker symbol "CAN.V" until Tuesday, April 9, 2013 when it will commence trading under the ticker symbol "ORG.V".
Orca Gold is engaged in the acquisition and exploration of mineral properties in Africa. Its initial focus is on three properties (Blocks 14, 67 and 68) constituting a large land holding (20,020 square kilometres) in northern Sudan near the border with Egypt that forms part of the Arabian-Nubian Shield. These properties have had little, if any, modern exploration activity prior to their acquisition by Shark (now Orca Gold) and are considered highly prospective with artisanal miners throughout the area. Shark (now Orca Gold) has been exploring Block 14 for the past 16 months and an initial drill program is underway.
Orca Gold is pleased to announce the addition of four new directors. Richard P. Clark, Simon Jackson, Robert Chase and Alexander Davidson have joined Orca Gold's board of directors and Richard P. Clark has assumed the role of Chairman. Simon Jackson will serve as President and Chief Executive Officer, Alessandro Bitelli will serve as Chief Financial Officer and Hugh Stuart will serve as Vice President, Exploration. Messrs. Clark, Jackson, Bitelli and Stuart were all previously officers and senior management of Red Back Mining Inc.
Immediately prior to completion of the Acquisition, Canaco completed its previously announced spin out transaction, whereby Canaco, (a) transferred all of its assets other than certain included assets and $60 million in cash, and all of its liabilities, other than certain termination payments, the transaction costs related to the Acquisition and certain agreements, to East Africa Metals Inc. ("East Africa Metals"), a new company formed by Canaco which has applied to be listed on the TSX-V, and (b) distributed all of the shares of East Africa Metals to the shareholders of Canaco immediately prior to giving effect to the Acquisition on the basis of one (1) East Africa Metals share for every three (3) pre-Consolidation Canaco shares. East Africa Metals is managed by former Canaco executives.
This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the shares or a solicitation of a proxy.
Additional information about Orca Gold including press releases, interim financial statements and other public documents will be able to be viewed at the Company's website www.orcagold.com or at www.sedar.com.
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