Vena Resources Inc. Finalizes Acquisition Terms for Bongara Zinc Mine in Peru
05.10.2016 | CNW
TORONTO, Oct. 5, 2016 - Vena Resources Inc. (the "Company" or "Vena") (NEX: VEM.H) is pleased to announce that further to its press release of July 19, 2016, the Company has signed definitive agreements to acquire the Bongará Zinc Mine ("BZM") and the Charlotte Bongará Zinc ("CBZ") projects located in north-central Peru.The BZM acquisition terms are US$835,000 in cash or shares over three years, of which US$65,000 has been paid in cash and Vena has agreed to issue 346,815 common shares, and US$595,000 in cash or shares over three years for CBZ, of which US$10,000 has been paid in cash and Vena has agreed to issue 229,250 common shares. Both properties are subject to modest advance royalties one year after the projects are acquired and a 2% NSR on production.
A National Instrument 43-101 report, which will summarize the activities on the BZM and CBZ projects over the past three decades, will be filed imminently.
The acquisition and the issuance of shares are subject to regulatory approval and the securities to be issued will be subject to a four month hold period.
Neither the NEX nor its Regulation Services Provider (as that term is defined in policies of the TMX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Vena Resources Inc.
Contact
on Vena Resources, please visit the Company website at www.venaresources.com, or contact Bill Williams, Chief Executive Officer, at 416 364 7739.