TORONTO, ONTARIO--Valencia Ventures Inc. ("Valencia") (TSX-V: VVI) has redeemed the $250,000 Convertible Debenture for cash from proceeds of the recently completed financing for $2 million. With the redemption of this debenture, the security interest granted to the holders of the Convertible Debentures in the shares of Rustler's Roost Mining Pty. Ltd., which holds an interest in the Rustler's Roost Mine, has been released. The Convertible Debenture had been issued to raise short term funds to call the Annual and Special General Meeting of Shareholders in December 2002 to approve the consolidation of the common shares of Valencia on the basis of 100:1 and for working capital until a financing could be completed.
Valencia and its wholly owned subsidiary, Rustler's Roost Mining Pty. Ltd., and are now essentially debt free.
"With the recently completed $2 million financing and the redemption of the small convertible debentures, Valencia has a strong balance sheet, no debt and the funds to begin a major exploration program at Rustler's Roost", said Peter Hooper, President. "We are excited about Valencia building on its gold assets in what we believe will be a strong market for commodities".
Valencia has issued 60,000 options to officers and consultants at $0.41 per share, subject to final approval from the TSX Venture Exchange.
Valencia also announces that Tony Wonnacott has been appointed Corporate Secretary. Mr. Wonnacott has been called to the Ontario Bar, completed the Canadian Securities Course and obtained a Bachelor of Commerce and a Bachelor of Laws. Prior to this, Mr. Wonnacott was an associate in the corporate finance department at McMillan Binch LLP.
Valencia trades on the TSX Venture Exchange, under the symbol "VVI". The Company's website is being updated. |
