Apr 25, 2013
TORONTO, April 25, 2013 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that it has entered into debt settlement agreements to settle trade payables for the aggregate settlement amount of $158,255, through the issuance of an aggregate of 791,273 common shares in the capital of the Company, at a price of $0.20 per common share. The common shares issued will be subject to a four-month and a day hold period from the date of issuance in accordance with applicable securities laws. The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the Toronto Stock Exchange.
Juan Vegarra, Chairman and CEO of the Company stated, "We are moving faster than expected on the US$30 million joint venture agreement for the Esquilache/Pucara/Amantina projects. Key stakeholders understand the long term impact of closing the joint venture in a few weeks and they agreed to receive shares of the Company in lieu of cash. We continue to look for ways to minimize our cash expenditures."
In other news, Andres Tinajero, the Company's Vice President, Finance and Chief Financial Officer has been appointed Corporate Secretary subsequent to the resignation of Matthew Husson.
The TSX does not accept the responsibility for the adequacy or accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
SOURCE: Vena Resources Inc.