Vena Resources Consolidates Shares
/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US./
TORONTO, Oct. 5, 2012 /CNW/ - Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM, LIMA: VEM, Frankfurt: V1R, OTC-BB: VNARF, Xetra®: V1R.DE), announces that the issued and outstanding common shares of the Company ("Common Shares") have been consolidated (the "Consolidation") on a two (2) to one (1) basis effective October 1, 2012.
The Consolidation was approved by shareholders at the special meeting held on December 13, 2011 and the Company has received conditional approval from the Toronto Stock Exchange (the "TSX") to effect the Consolidation and has provided notification to the Lima Exchange, Frankfurt Exchange and Xetra. Subject to final confirmation by the TSX, it is expected that the post-Consolidation Common Shares will begin trading on the TSX on or about October 12, 2012.
The Consolidation will reduce the number of outstanding Common Shares from 124,601,658 to approximately 62,300,829. Proportionate adjustments will be made to the Company's outstanding warrants and stock options. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued have been rounded down to the nearest whole number.
Letters of transmittal with respect to the Consolidation are being mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Equity Financial Trust Company ("Equity Financial"), in accordance with the instructions provided in the letter of transmittal. All registered shareholders who submit to Equity Financial a completed letter of transmittal, along with their respective certificates representing the pre-Consolidation Common Shares, will receive in exchange new certificates representing their post-Consolidation Common Shares. Shareholders who hold their Common Shares through a broker, investment dealer, bank, trust company or other nominee or intermediary should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.
In other news, the Company has cancelled a spin-off transaction with Urban Select Capital Corporation to create "Granja Gold Inc." a new listed company on the TSX Venture Exchange. Vena plans to advance its precious metals portfolio including the claims included in the Granja Gold transaction.
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Forward Looking Statements -The forward-looking statements included in this press release 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 year ended December 31, 2011 and the six month period ended June 30, 2012 as well as the Company's Annual Information Form. 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.
SOURCE Vena Resources Inc.