This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vena Enters Agreement To Sell Uranium Assets To Azincourt Uranium

TORONTO, Nov. 22, 2013 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM) (Peru: VEM) (Germany: V1RA) ( USA: VNARF) announces that it has entered into a share purchase agreement with Azincourt Uranium Inc. (TSXV: AAZ) ("Azincourt") to sell the Company's 50% equity interest in Minergia S.A.C. ("Minergia"), a joint venture company owned by the Company and Cameco Global Exploration Ltd. ("CGE"), which owns and operates the Macusani and Muñani uranium projects in the Puno department of southeastern Peru.

Under the terms of the share purchase agreement, Azincourt will acquire Vena's 50% ownership in Minergia in exchange for a total consideration of $1,000,000, of which $750,000 will be payable in 2,525,252 common shares (the "Payment Shares") in the capital of Azincourt which number of common shares was determined based on the volume weighted average trading price of such common shares for the 10 days immediately prior to signing of the share purchase agreement, and $250,000 in cash on closing.

The closing of the purchase and sale transaction under the share purchase agreement is subject to a number of conditions, including the termination of its joint venture with Cameco Corporation and CGE and various related agreements with respect to Minergia, and the contemporaneous sale by CGE of its 50% interest in Minergia to Azincourt. The share purchase agreement also provides that Juan Vegarra, Vena's Chairman and CEO will be appointed as a director of Azincourt.

In a related transaction, CGE granted to the Company the right to purchase 100% of the common shares in the capital of Azincourt that it will receive as consideration for the sale of its interest in Minergia to Azincourt for a period of five months post the closing date at a price equal to the purchase price plus an amount equal to 50% of the positive amount, if any, by which the market price exceeds the purchase price.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,035.70 -34.70 -0.19%
S&P 500 2,106.20 -8.29 -0.39%
NASDAQ 4,970.0880 -46.8410 -0.93%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs