Vena Resources (TSX:VEM) announced that its wholly owned subsidiary, Cordillera SA, has been purchased for US$100,000 by a private Peruvian company for tax loss purposes.
According to the company’s press release:
Vena is also pleased to announce that the monthly payments of US$100,000 from Trafigura have commenced. As announced on September 28 and November 8, 2012, Vena entered into a share purchase agreement with Trafigura which states that Vena is to receive a payment of US$5 million for Azulcocha Mining plus the grant to Vena of a 10% Net Profit Interest (“NPI”) on future production, which NPI can be purchased for an additional US$2 million at any time by Trafigura. The initial payment of US$2.5 million was paid in November 2012 and the balance of US$2.5 million is being made in US$100,000 monthly payments which have just commenced.
Vena also announces that it has entered into debt settlement agreements to settle trade payables for the aggregate settlement amount of $118,519.59, through the issuance of an aggregate of 1,316,881 common shares in the capital of the Company, at a price of $0.09 per common share. The common shares issued will be subject to a four-month and a day hold period from the date of issuance in accordance with applicable securities laws. The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the Toronto Stock Exchange.