|By Marketwired .||
|May 20, 2014 08:45 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/20/14 -- Vena Resources Inc. (the "Company" or "Vena") (TSX:VEM)(LMA:VEM)(FRANKFURT:V1RA)(OTCBB:VNARF) announces that the Toronto Stock Exchange (the "TSX") has advised the Company that in order to maintain the listing of the common shares of the Company on the TSX, the Company must meet the TSX requirements with respect to property expenditures as required pursuant to Section 7.10(c)(i) of the TSX Company Manual. The TSX has granted Vena up to 120 days to meet the TSX requirements which require the Company to spend $350,000 in a 12 month rolling period. Given the Company's current working capital position, the Company anticipates that it will satisfy this TSX continued listing requirement.
Juan Vegarra, Vena's Chairman and CEO stated: "Given current market conditions management enforced a strict cost cutting initiative over the last 12 months, sold non-core assets and signed joint ventures. Exploration expenses were cut to around $250,000 but we failed to address a $350,000 minimum exploration expenditure requirement as highlighted by the TSX. Given our first quarter working capital position of well over $1.8 million, Vena anticipates that it will meet the TSX continued listing requirement in the timeframe allotted and will request an early TSX review to conclude the TSX continued listing review process. The Company is working on obtaining drilling permits from the Peruvian government to commence a drill program at Esquilache that it believes will more than satisfy this expenditure requirement."
For further information on Vena Resources, please visit the Company website at www.venaresources.com or its Facebook page.
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 the first quarter ended March 31, 2014 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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