Virgin Metals Inc. (TSXV:VGM) signed an arm's length letter of intent to acquire Alpaca Resources Inc. from Foundation Financial Holdings Corp. for CAD 2.6 million in stock on June 24, 2013. As per the agreement, Virgin Metals will issue up to 32.71 million common shares to acquire all of the issued and outstanding shares of Alpaca. For the year ending December 31, 2012 Alpaca had no revenue, net losses totaling CAD 1.61 million, total assets of CAD 0.01 million, total liabilities of CAD 2.6 million and a working capital deficit of CAD 1.54 million. The Board of Directors of the company post-acquisition will be comprised of seven Directors, of which four will be nominated by Virgin Metals and three individuals will be nominated by Alpaca. No changes in current management are expected on completion of the transaction.

The transaction is subject to a number of conditions including, TSX Venture Exchange acceptance, regulatory approvals, satisfactory completion of due diligence by Virgin Metals and Alpaca, completion of satisfactory concurrent financing of at least CAD 1.5 million, absence of any adverse material changes, maintaining a level of liabilities acceptable to both parties, and if applicable pursuant to exchange requirements, majority of the minority shareholder approval. The transaction is expected to close on or before July 31, 2013. Jeanny So of CHF Investor Relations acted as public relations advisor to Virgin Metals.

Virgin Metals Inc. (TSXV:VGM) cancelled the acquisition of Alpaca Resources Inc. from Foundation Financial Holdings Corp. on January 2, 2014. The transaction was terminated based on certain expired conditions.