VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2012) - Strachan Resources Ltd. (TSX VENTURE:SCN-P.V - News) ("Strachan") had signed a letter of intent to acquire the common shares of Varion Capital Corp. ("Varion"), an equpiment leasing company, as its proposed "qualifying transaction". The shareholders of Varion have now advised Strachan that they cannot proceed with the transaction due to business structure issues and accordingly the transaction is cancelled.
Strachan will now proceed to seek other possible transactions for its qualifying transaction.
ON BEHALF OF THE BOARD
STRACHAN RESOURCES LTD.
Steve Mathiesen, CFO
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Strachan Resources Ltd.
CFO
(604) 696-6677
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