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Oraco Resources, Inc. (fka ORAC)

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Oraco Resources, Inc. (fka ORAC)

3
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3

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scion Grandfathered
07/13/15 10:12 AM
Post #16
Re: #15: @Renee - ORAC SEC Suspension for Financials delinquencies:
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stock_MD Free
04/27/15 10:31 AM
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stock_MD Free
04/15/15 6:32 PM
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stock_MD Free
03/11/15 1:41 PM
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stock_MD Free
02/24/15 9:52 AM
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stock_MD Free
02/24/15 9:41 AM
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stock_MD Free
02/24/15 9:38 AM
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stock_MD Free
02/24/15 9:38 AM
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Renee PremiumMember
05/20/13 6:39 PM
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lcky_jk Free
04/26/13 2:46 PM
Post #6
Re: #4: @amadeus - wow no one watching this?
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lcky_jk Free
04/26/13 6:58 AM
Post #5
Re: #4: @amadeus - wow no one watching this?
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amadeus Grandfathered
03/06/13 9:47 PM
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stock_MD Free
06/26/12 11:03 AM
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stock_MD Free
06/19/12 1:46 PM
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Oraco Resources, Inc. (fka ORAC) RSS Feed

Followers
3
Posters
6
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0
Posts (Total)
17
Created
05/07/12
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On May 16, 2011, Oraco completed the acquisition of all the issued and outstanding shares of Oraco Resources, a Canadian corporation, ("ORI") and JYORK Industries, Inc. Ltd ("JYORK") (collectively, the "Acquired Businesses") pursuant to a Share Purchase Agreement (the "SPA"). Under the SPA, Oraco issued 15,001,500 shares of the its common stock to various individuals and entities in exchange for a 100% interest in ORI and 3,000,000 shares of Oraco's common stock to an individual for a 100% interest in JYORK. Additionally under the SPA, the former officers and directors of Oraco agreed to cancel 10,000,000 shares of its common stock. For accounting purposes, the acquisition of the Acquired Businesses by Oraco has been accounted for as a recapitalization, similar to a reverse acquisition except no goodwill is recorded, whereby the private companies, ORI and JYORK, in substance acquired a non-operational public company (Oraco) with nominal assets and liabilities for the purpose of becoming a public company. Accordingly, ORI and JYORK are considered the acquirer for accounting purposes and thus, the historical financials are primarily that of ORI. As a result of this transaction, Oraco changed its business direction and is now a mineral and natural resource exploration business. ORI was incorporated on August 4, 2010 (Date of Inception) and accordingly, the accompanying financial statements are from the Date of Inception of ORI through ending reporting periods reflected. Effective May 16, 2011, Oraco completed the acquisition of contractual rights for the disposition and exportation of diamonds and gold, and any other minerals recovered both in Zimmi Town, Pujehun District of Sierra Leone as well as the Gbense Tailings No. 5 reserve located in Koidu Town, Kono District – Sierra Leone, through the acquisition of 100% of the ownership of what are now the wholly owned subsidiaries, JYORK and ORI.
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