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Tigray Resources Receives Listing Approval from TSX Venture Exchange

Tigray to immediately launch an 11,000-metre first phase drill program at the Harvest project

Canaco Resources Inc. and Tigray Resources Inc announced last week that Tigray had received conditional listing approval from the TSX Venture Exchange, subject to usual listing requirements. When it is listed, Tigray will file the necessary election to become a public corporation as of the beginning of its first taxation year.

Andrew Lee Smith, president and CEO of both Canaco and Tigray Resources said that the companies were endeavouring to fulfil the listing requirements as quickly as possible in order to facilitate the trading of Tigray shares on the TSX-V.

He said that Tigray represented an opportunity for investors to gain exposure to the emerging mineral exploration sector in Ethiopia. "Irrespective of the delay in the listing process, Tigray plans to immediately launch an 11,000-metre first phase drill program at the Harvest project," Smith said.

In the last week of July, Canaco Resources had said that its shareholders had approved of the spin-out of Tigray Resources Inc. Part of the transaction would be the transfer of 4 million dollars and Canaco's 70 percent interest in the Harvest Mining PLC, which owns the Harvest VMS Project in Ethiopia, to Tigray. Sufficient funds would also be transferred for the recommended first phase drill program.

The terms of the spin-out entitle Canaco shareholders to receive one common share of Tigray for every five common shares of Canaco held as of 4 July 2011.

Source: Marketwire