Cancana Resources Corp. (CVE:CNY) reports it has renegotiated its acquisition of Amazon Resources Limited.
Cancana Resources Corp. (TSXV:CNY) reports it has renegotiated its acquisition of Amazon Resources Limited.
The press release is quoted as saying,
Cancana sought to renegotiate the acquisition value as a result of the general market conditions as well as the value it had managed to procure as a result of its ongoing activities in Brazil. Cancana felt that the overall value of the company had grown relative to when the original transaction value had been contemplated. Therefore Cancana proposed to complete the share exchange for 92.54% of Amazon in exchange for the 4,504,255 shares that were issued for the original 30% acquisition.