TORONTO – Vena Resources Inc. (TSX:VEM) says it plans to form a new company focused on gold exploration and development in Peru, to be called Granja Gold Inc.
The transaction, to be done in partnership with Urban Select Capital Corp., is expected to involve a $2-million private placement of Granja Gold shares at 10 cents each. The fundraising is expected to be complete by February.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
The money would be used to cover expenses at the new company, Granja Gold, which would be formed in December 2012.
Under the plan announced Monday, Vena will transfer its interest in Granja de Oro SAC to the new company in exchange for 10 million shares and up to an additional 6.3 million shares of Granja based on resource estimates.
Comments
Want to discuss? Please read our Commenting Policy first.