Vesta Capital Corp.

June 01, 2009 11:13 ET

Vesta Capital Corp. (TSX VENTURE:VES.P) Announces Termination of Proposed Qualifying Transaction With 3G Solar, Ltd.

TORONTO, ONTARIO--(Marketwire - June 1, 2009) - On May 26, 2009, 3G Solar, Ltd. ("3G") advised Vesta Capital Corp. ("Vesta") (TSX VENTURE:VES.P), that it had elected not to proceed with the proposed qualifying transaction which was first described in Vesta's press release dated November 10, 2008 (the "QT").

In connection with the proposed QT, Vesta had made a secured loan in the principal amount of $225,000.00 CAD to 3G. In light of 3G's termination, Vesta will be seeking immediate repayment of the loan. In addition, Vesta will seek reimbursement from 3G, for its out-of-pocket costs incurred in connection with the proposed QT, from 3G.

Vesta will immediately begin to actively seek out other candidates for a new qualifying transaction.

For Investors

This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Vesta cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Vesta currently foresees. Discussion of the various factors that may affect future results is contained in Vesta's recent filings, available on SEDAR.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Vesta Capital Corp.
    Harold Wolkin
    President, Chief Financial Officer and Corporate Secretary