|By Marketwired .||
|March 31, 2014 11:59 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/31/14 -- Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM)(LMA: VEM)(FRANKFURT: V1RA)(OTCBB: VNARF) announces that the Company has filed its audited consolidated financial statements and related Management's Discussion and Analysis for the year ended December 31, 2013. The Company has also filed its Annual Information Form dated effective as of March 31, 2014.
Juan Vegarra, Vena's Chairman and CEO stated: "We are pleased with the progress that was made in 2013 to improve the Company's balance sheet. Vena was able to eliminate $787,292 in liabilities in comparison with 2012 and at year end had a positive working capital position of $796,875 compared to negative working capital of $300,000 at year end 2012. In the first quarter 2014, Vena will record the sale of its uranium properties to Azincourt Uranium Inc. ("Azincourt") reflecting $250,000 in a cash payment and $750,000 shares of Azincourt. With a clean balance sheet and excellent properties like Esquilache, the Company is well positioned to improve its performance in 2014."
The Company also announces that it has entered into a debt settlement agreement to settle a trade payable in the amount of US$21,000 through the issuance of 300,000 common shares in the capital of the Company, at a price of $0.07 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 debt settlement agreement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the Toronto Stock Exchange. The Company confirms that pursuant to its announcement of February 10, 2014, a trade payable of US$35,000 was settled with the issuance of 430,000 common shares with the approval of the Toronto Stock Exchange.
This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements 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, 2013 and its annual information form for the year ended December 31, 2013, which are available at www.sedar.com. 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.
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