Venerable Ventures Ltd.
TSX VENTURE : VLV

Venerable Ventures Ltd.

February 22, 2016 14:04 ET

Venerable Ventures Ltd. Receives TSX Venture Exchange Approval and Effects the Final Purchase of the Previously Announced Acquisition of the Trout Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 22, 2016) - Venerable Ventures Ltd. ("Venerable" or the "Company") (TSX VENTURE:VLV) is pleased to announce that it has received TSX Venture Exchange (the "Exchange") approval for and has effected the final purchase of the Trout Property previously announced on November 30, 2015. The final purchase was completed pursuant to the Mineral Property Purchase Agreement (the "Agreement") dated November 23, 2015 with Robert Carmichael and Landmark Geological Inc. (the "Vendors"). Pursuant to the Agreement, the Company has acquired the Trout Property located in the Nechako Plateau, near Vanderhoof, British Columbia. The Trout Property comprises 24 mineral tenures with a total area of approximately 8,863 hectares.

Pursuant to the Agreement, the Company has made the final payment of $5,000 and issued 2,000,000 common shares of the Company to each of the Vendors. The Property is subject to a 2% Net Smelter Royalty and a repurchase option in the event the Company completes a Change of Business (as such term is defined under the policies of the Exchange) or a good faith proceeding seeking the Company insolvent is instituted and the Vendors pay nominal consideration.

The Company regretfully announces that William Kocken, a director of the Company, has passed away. The board of directors is grateful to Bill for his contributions to the Company and the British Columbia Mining Industry. Bill was a good friend and he will be sorely missed. The Company wishes to extend its condolences to the family.

About the Company

Venerable Ventures Ltd. is a Canadian natural resource company engaged in the acquisition, exploration and development of mineral properties, with its primary focus on the Trout Property. The Trout Property is 65 km southwest of Vanderhoof, B.C. on the Nechako Plateau. The Trout Property is approximately 40 km NNE of NewGold's Blackwater Project.

ON BEHALF OF THE BOARD OF DIRECTORS OF VENERABLE VENTURES LTD.

Ryan Sharp

President and CEO

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

  • Venerable Ventures Ltd.
    Ryan Sharp
    President and CEO
    (604) 647-0146