Sojourn Ventures Inc. said Sept. 23 that it will not proceed with the proposed acquisition of Euroclub Holdings Ltd.
The company noted that the going public process for Euroclub became too protracted, which led Sojourn to believe that it was in the shareholders' best interests to pursue alternative opportunities.
Pursuant to the deal termination, all obligations between the two parties under the letter of intent has lapsed and Euroclub is required to repay a C$100,000 loan, with accrued interest, by Jan. 18, 2017, to Sojourn.
In addition, the Sojourn board has decided to refocus on evaluating resource and mineral exploration opportunities.
The company will now be advancing its exploration program on the Tahsis gold property in British Columbia and expanding its search for new mineral exploration opportunities.