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Aurcana Raises Ownership Of La Negra Mine To 99.86%

Aurcana Corp. (AUN.V, AUNFF.PK) said Monday that it has increased its ownership in Real de Maconi S.A. de C.V. from 92% to 99.86% as a result of a recent capital restructure of Real de Maconi.

Real Maconi holds a 99.99% interest in Minera La Negra S.A. de C.V. which has a 100% interest in the La Negra Mine.

The capital restructure was the result of Real De Maconi's 2010 audit wherein Mexican Tax Authorities required Real de Maconi to reclassify certain accounting transactions resulting in a reclassification and roll back of the capitalization of the equity accounts. The result of the roll back increased Aurcana's ownership of Real de Maconi to 99.86% leaving a minority interest of .14% to a third party.

by RTT Staff Writer

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