Venerable Ventures Ltd. Announces Non-Brokered Private Placement
June 09 2011 - 3:40PM
Marketwired
Venerable Ventures Ltd. (TSX VENTURE: VLV) ("Venerable" or the
"Company") today announces a non-brokered private placement (the
"Offering"), which will provide the Company with working capital to
use for its Trout Property located in the area of the Nechako
Plateau. The Company intends to issue up to 4,000,000 units (each,
a "Unit") at a price of $0.25 per Unit for gross proceeds of
$1,000,000. Each Unit will consist of one common share of Venerable
and one common share purchase warrant. Each warrant will entitle
the holder to purchase an additional common share of Venerable at a
purchase price of $0.60 per share for 12 months from the date of
closing of the Offering, subject to a right of call by the Company
under certain conditions.
In addition, the Company also announces a non-brokered
flow-through private placement (the "FT Offering"), which will also
provide the Company with working capital to use for its Trout
Property. The Company has agreed to issue 1,142,858 flow-through
units (each, a "FT Unit") at a price of $0.35 per FT Unit for gross
proceeds of $400,000. Each FT Unit will consist of one common share
of Venerable issued on a flow-through basis and one common share
purchase warrant. Each warrant will entitle the holder to purchase
an additional common share of Venerable on a non-flow through
basis, at a purchase price of $0.60 per share for 12 months from
the date of closing of the FT Offering, subject to a right of call
by the Company under certain conditions. Each flow-through share
will entitle the investor to the tax benefits of the qualifying
Canadian exploration expenses incurred by the Company, which will
be "flowed through" to the investor.
The Offering and FT Offering are subject to the approval of the
TSX Venture Exchange and applicable securities laws.
About the Company
Venerable is a Canadian natural resource company engaged in the
acquisition, exploration and development of mineral properties,
with its primary focus on the Trout Property.
ON BEHALF OF THE BOARD
VENERABLE VENTURES LTD.
Ryan Sharp, President, Chief Executive Officer and Director
Statements in this press release regarding the Company which are
not historical facts are "forward-looking statements" that involve
risks and uncertainties. Such information can generally be
identified by the use of forwarding-looking wording such as "may",
"expect", "estimate", "anticipate", "intend", "believe" and
"continue" or the negative thereof or similar variations and
includes the statements with respect to the proposed Offering and
FT Offering and the Company's intentions with respect to the use of
proceeds from the Offering and FT Offering. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties such as the
risk that the closing of either the Offering or the FT Offering may
not occur for any reason. Actual results in each case could differ
materially from those currently anticipated in such statements due
to factors such as: (i) the inability of the parties to consummate
the Offering or FT Offering; (ii) fluctuation of mineral prices;
(iii) a change in market conditions; and (iv) the refusal of the
TSX Venture Exchange to accept the proposed Offering or FT Offering
for any reason whatsoever. Except as required by law, the Company
does not intend to update any changes to such statements.
Contacts: Venerable Ventures Ltd. Ryan Sharp President and CEO
(604) 647-0146 (604) 647-0143 (FAX) ryan@venerableventuresltd.com
Venerable Ventures Ltd. Investor Relations
ir@venerableventuresltd.com www.venerableventuresltd.com
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