Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) (TSX: VEM, LIMA: VEM, Frankfurt: V1R, OTC-BB: VNARF, Xetra®: V1R.DE), a Company with strong partnerships with some of the world’s largest mining companies, is pleased to announce that it has signed a definitive agreement with Urban Select Capital Corporation (“Urban Select”), an investment group with offices in Hong Kong, China and Canada (TSXV: CH), to build a new company focused on gold exploration and development in northern Peru. The companies have applied for listing of the shares of Granja Gold Inc. (“Granja Gold”) on the TSX Venture Exchange (“TSXV”) and will apply to the venture segment of the Lima Stock Exchange soon thereafter.
Urban Select is global investment management, financial advisory and private equity firm focused on investing growth capital into private and public companies in a broad range of sectors including natural resources, renewable energy, chemicals, agriculture and consumer retail services. It is expected that, upon completion of the transaction, Granja Gold will acquire 100% of Vena’s shareholdings in Granja de Oro Inversiones Mineras SAC (“Granja de Oro”), a Peruvian company 100% controlled by Vena that owns three early stage exploration projects in northern Peru (Granja Nueva, JR-24 and Masma).
The transaction, among other terms, provides for Granja Gold to issue 10 million shares to Vena in consideration for its interest in Granja de Oro and for an additional 6.3 million performance earn-in shares to be issued to Vena based on certain criteria being achieved in respect of measured or indicated resources included in a future National Instrument 43-101 report.
Granja Gold, utilizing Urban Select as a finder, intends to complete a non-brokered private placement of up to $3,000,000 consisting of up to 20 million common shares of Granja Gold (or subscription receipts convertible into common shares) at a price of $0.15 per unit. Each unit will consist of one common share and one half common share purchase warrant exercisable for a period of two years at a price of $0.30 in the first year or $0.45 in the second year. The proceeds of the private placement will be utilized for exploration and G&A expenses of Granja Gold for the next 12 months and for TSXV listing qualification.
The Granja Gold board of directors includes:
Juan Vegarra, MBA, Chairman & CEO – Mr. Vegarra is a native of Peru and continues to foster his significant base of contacts within both the Peruvian government and the mining industry. Prior to his appointment as Chairman and CEO of Vena in 2003, Mr. Vegarra was an executive at Microsoft Corporation (NASDAQ: MSFT) as director of worldwide sales and marketing. While at MSFT he led the Solution Provider Program. Mr. Vegarra also manages a venture capital firm focused on mining. He holds an engineering degree from the University of Maryland and an MBA from the University of Washington.
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