Brazilian billionaire Eike Batista acquired Ventana in February of 2011 for $1.5bn , with Ventana citing a lack of other options after speculation of higher bids. Ventana's La Bodega / La Mascota was a major discovery of the last junior gold cycle, with a high grade gold discovery in Colombia.
Now, after rumours of a $2bn offer for 49% of Ventana from the Quatari sovereign wealth fund AUX Canada have announced deals to acquire neighbouring Calvista, CVZ.v and Galway Resources (GWY.v) on the same day.
Galway had seen strong market action for a week or so while Calvista showed strong gains for 2 days before the announcement.
Calvista closed with a market cap near $60m, up around 150% since the start of the year, >600% from the May bottom.
Galway closed near $300m and will spin out two companies. One Tungsten-Moly in the US, the other the Vetas Gold project in Colombia near CB Gold, both will have cash and projects which do not seem to be fully reflected in the Galway stock price above the cash offer for the "California" project.
Eco Oro is close to Ventana's California project but has seen permitting issues due to environmental limits on development above certain altitudes, the projects are in extremely mountainous terrain
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