SKANA Capital Corp.
TSX VENTURE : SKN

February 03, 2010 19:04 ET

SKANA Capital Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that the transaction with Sun River Energy, Inc., a Colorado corporation ("Sun River") was not closed on January 31, 2010 as required under the terms of the agreement and previously disclosed in a news release dated December 29, 2009. Pursuant to the definitive agreement (the "Agreement") it had with SKANA, Sun River agreed to purchase from SKANA 100% of the outstanding common shares of Raven Wing Resources, Inc. ("Raven Wing"), a wholly owned subsidiary of SKANA for an all-cash purchase price of US$3,500,000.

Under the Agreement, Sun River paid to SKANA a deposit of US$50,000 that became non-refundable on January 15, 2010. The purchase was to be completed on or before January 31, 2010 by payment to SKANA of the balance of the purchase price of US$3,450,000 against conveyance of the shares of Raven Wing to Sun River. In addition to the payment of the purchase price, the Agreement called for Sun River to assume all outstanding liabilities of SKANA and Raven Wing to Thomasson Partner Associates Inc. pursuant to an Exploration Projects Acquisition Services Agreement between SKANA, Raven Wing and Thomasson dated December 29, 2006.

Raven Wing is the holder of five oil and gas exploration properties located in Montana, Wyoming and Utah known as Lewis and Clark, Black Thunder, Donkey Creek, Raven Creek and Wasatch.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman
    (604) 669-4899