TORONTO, ONTARIO--(Marketwire - Aug. 15, 2012) - Valencia Ventures Inc. (TSX VENTURE:VVI) ("Valencia" or the "Company") announces that it has completed the sale of the Cachinal silver property, located in Chile (See Press Release dated September 16, 2011) to Apogee Silver Ltd. ("Apogee"). In accordance with the terms of the agreement entered into with Apogee, Apogee has acquired all of the issued and outstanding common shares of Compania Minera Valencia Ventures - Chile Limitada, Valencia's wholly-owned subsidiary that holds an 80% interest in Cachinal and the Nueva Juncal silver properties. In consideration, Apogee has paid Valencia $500,000 in cash ($325,170 of which had already been paid) and has issued 3,000,000 common shares of Apogee to Valencia.
The Company also announces that it has granted a total of 650,000 stock options to various directors, officers and a consultant of the Company. The options have an exercise price of $0.12 and shall expire five years from the date of grant. The options shall vest immediately, subject to the four month regulatory hold period. The grant of options is subject to regulatory approval.
About Valencia
Valencia is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol VVI.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters, future prices of mineral prices; and risks of the mining industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact Information:
Brett New
President and CEO
bnew@forbesmanhattan.com