Volcanic Metals Corp. on Jan. 19 said it has changed its name to Volcanic Gold Mines Inc. after acquiring Sovereign Mines of Africa Plc's subsidiary Sovereign Mines of Africa Ltd., along with a 75% interest in the Mandiana gold project in Guinea.
Volcanic Gold's shares commenced trading on the TSX Venture Exchange under its new VG ticker on Jan. 19. The company also named Jeremy Crozier as president and director, while Michael Iverson will remain CEO.
In a Jan. 20 statement, Sovereign Mines said it received the 2,502,489 common Volcanic Gold shares in exchange for its subsidiary, equivalent to a 9.9% shareholding in Volcanic Gold. Sovereign Mines has become a cash shell as a result of the transaction and has six months to complete a reverse takeover under AIM Rule 14 to avoid trading suspension.