ENP Newswire -
Release date- 10022014 -
Under the original terms to earn an initial 51% interest in Las Princesas:
Vena received 5% of the issued and outstanding shares of
Vena has agreed to extend the first option by an additional 12 months and in return
The remainder of terms of the joint venture agreement have not been modified. In order to increase their ownership to 60% of Las Princesas,
In other news, Vena has received a notice of suspension of the monthly payments from Catalina Huanca Sociedad Minera S.A.C. (the 'Buyer') relating to the sale (the 'Sale Transaction') by Vena of its 70% interest in Azulcocha to the Buyer, which was completed in
The Buyer has provided written notice to Vena of its election to suspend further payments, until certain registrations with the Peruvian Public Registry and administrative matters are completed by Vena. The Company is working to satisfy all requirements that are necessary to allow for payments to resume.
The Company also announces that it has entered into a debt settlement agreement to settle a trade payable in the amount of
The debt settlement agreement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the
For further information on
Chairman & CEO
Tel: (416) 364-7739
This press release contains forward-looking statements. More particularly, this press release contains statements that include, but are not limited to, the payments by Catalina Huanca Sociedad Minera S.A.C. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', anticipate', 'estimate', 'may', 'will', 'would', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur.
The forward-looking statements are based on certain key expectations and assumptions made by Vena. Although Vena believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Vena can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Vena's management discussion and analysis of the financial condition and results of operations for the three and nine month periods ended
The forward-looking statements contained in this press release are made as of the date hereof and Vena undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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