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Vena Resources Inc Completes Sale Of Azulcocha Mining To Trafigura Beheer BV

Wednesday, 14 Nov 2012 11:38am EST 

Vena Resources Inc (Vena) announced that it has complied with all the requirements set out in the share purchase agreement with Trafigura Beheer BV (Trafigura) that was announced on September 28, 2012, including receipt of the first USD 2.5 million tranche payment. The second tranche of payments totaling an additional USD 2.5 million will begin in October 2013. In accordance with the terms of the share purchase agreement and a related assignment agreement, Trafigura has agreed to pay an aggregate purchase price of USD 5 million to Vena as well as a 10% Net Profit Interest (NPI) on future production, such NPI can be purchased for an additional USD 2 million at any time. The Company will not bear any further costs in connection with the future development and operation of Azulcocha. Vena will retain its 100% ownership over the exploration areas nearby the milling operations, where a multi-million exploration investment has already been made. 

Company Quote

20.0 +0.44%
19 Sep 2014