TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINKSHEETS:VNGAF) (the "Company" or "Venga") announces that it has received notice from the TSX Venture Exchange (the "Exchange") that effective the opening of trading on November 6, 2012, Venga's stock exchange listing will be transferred to the Exchange's NEX board ("NEX") as a result of the Company's failure to meet the Continued Listing Requirements as a Tier 2 issuer and hold a shareholders meeting pursuant to the Exchange's policies and securities laws. Venga's common shares will trade under the symbol VAV.H. There will be no change in the Company's name, no change in its CUSIP number and no consolidation of capital. NEX is a separate board of the Exchange that is designed to provide a trading forum for publically listed companies while they assess their business plans, operations, and formulate a strategy to reactivate their businesses for future growth.
The Company further announces that it has been placed on notice from the Exchange to hold a shareholders meeting by February 1, 2013 and that failure to do so may result in a halt in the trading of the Company's shares.
The Company remains hopeful that all phases of Global Mineral Investments LLC's ("GMI") current transaction with Tawana Resources NL ("Tawana") to develop and exploit GMI's promising Liberian gold concessions will be concluded in a timely manner. The transfer of its listing to the NEX will not materially impact the Company's strategy nor the continuing efforts by all parties to close the GMI / Tawana transaction. The Company wishes to thank its many shareholders for their continued support and patience throughout this process.
About GMI - Global Mineral Investments LLC is a U.S. based private corporation that has acquired and is developing gold concessions in Sinoe County, Liberia.
About Tawana - Tawana Resources NL (www.tawana.com.au) is a public company listed on the Australian Exchange with its registered office located in Perth, Australia. Tawana is actively exploring for gold and base metals in Liberia and continues to review additional opportunities in Liberia and West Africa as part of its ongoing growth strategy.
About Venga - Venga Aerospace System Inc. is a Canadian public company that is currently listed on the TSX Venture Exchange. Venga operates or has an investment in three business units: aerospace; 3D graphics and gold mining in West Africa. Venga has a 20% equity interest in GMI.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.
SHARES ISSUED: 239,171,893
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.