VANCOUVER, BC, Dec. 16,
2024 /CNW/ - Venerable Ventures Ltd. (TSXV:
VLV) (the "Company") announces that a group of third parties
and related parties (together, the "Lenders") have advanced
a total of CAD $250,000 to the
Company (the "Loan"). The Loan is unsecured, bears no
interest and is repayable in full one year from the date of
issuance. The funds from the Loan will be used to support the due
diligence process for a potential acquisition, including costs
associated with preparatory activities.
In consideration for providing the Loan, the Lenders will
receive 1,562,500 common share purchase warrants. Each warrant will
entitle the holder to acquire one common share of the Company at an
exercise price of $0.16 per common
share for a period of one year from the date of issuance. The
issuance of the warrants is subject to approval by the TSX Venture
Exchange.
A portion of the Loan transaction, including the issuance of the
share purchase warrants, constitutes a related party transaction
for the Company, as certain of the lenders are related
parties. The Company is relying on the exemptions in sections
5.5(a) and 5.7(a)of Multilateral Instrument 61-101 (the
"Instrument") from the valuation and shareholder approval
requirements of the Instrument in respect of the Loan and the
issuance of the Warrants, based on the fact that the fair market
value of the transaction (as it concerns related parties) is not
more than 25% of the market capitalization of the Company.
Furthermore, the Company is pleased to announce that
Alexander G. Morrison has been
elected to the Board of Directors, effective following the
Company's Annual General and Special Meeting (AGSM) held on
November 28, 2024. Mr. Morrison is an
experienced mining executive with over 35 years experience in the
mining industry. He has vast multidisciplinary experience in senior
strategic roles in finance, accounting, information technology,
supply chain, risk management and operations support at major
mining companies including Newmont Mining, Franco-Nevada
Corporation, Homestake Mining, Phelps
Dodge and Stillwater Mining. He has held diverse corporate
director, chairman and lead director roles for a broad list of
mining companies including Nations Royalty Corp., Detour Gold,
Taseko Mines, Energy Fuels, Gold Standard Ventures and Gold
Resource Corporation. He is a chartered professional accountant
(CPA, CA).
On behalf of the Board of Directors,
VENERABLE VENTURES LTD.
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
SOURCE Venerable Ventures Ltd.
