Greetings... what’s the word on the street?
A lot is happening................Since they (Iciena) was flagged for late financials.
Most don’t know, or are unaware, but the financial guy had personal health issues resulting in some late reporting.
Since then it's been a microscope of affairs as the SEC & Exchange review all the documents and look to see that all the i's and t's are crossed. Thus some new amended filings and restated financials have occurred.
I see another release today... clarifying the MTX / IIE agreement:
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Iciena options Brazilian claims interest from Metalex
Iciena Ventures Inc (C:IIE)
Shares Issued 109,100,241
Last Close 8/6/2008 $0.05
Friday December 12 2008 - News Release
Also Metalex Ventures Ltd (C:MTX) News Release
Mr. Roy Shatzko of Iciena reports
ICIENA ANNOUNCES OPTION AGREEMENT AND FILING OF REVISED CONSOLIDATED FINANCIAL STATEMENTS AND REVISED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE QUARTER ENDED SEPTEMBER 30, 2008
Iciena Ventures Inc. has entered into an option agreement with Metalex Ventures Ltd., a company listed on the TSX Venture Exchange, dated effective April 15, 2008. Pursuant to the terms of the option agreement, the company has an option to acquire a 15-per-cent working interest in 20 contiguous mineral claims located in Brazil comprising approximately 122,880 hectares. If the company exercises the 15-per-cent interest it has the right, subject to the terms of the option agreement, to earn a further 34-per-cent working interest in the mineral claims for a total working interest in the mineral claims of 49 per cent. The mineral claims are subject to a 10-per-cent net profits interest in favour of the optionor and a 10 per cent net profits interest, payable in kind, in favour of Kel-Ex Development Ltd. Kel-Ex is a company incorporated pursuant to the laws of British Columbia and is controlled by Dr. Charles Fipke. Dr. Fipke is also the chairman of the optionor.
In order to earn the 15-per-cent interest, the Company must incur exploration expenditures on the mineral claims of $2,000,000 in staggered intervals over an 18 month period commencing on the day that the optionor receives regulatory approval for the option agreement (the "Effective Date"). In order to earn the 49-per-cent interest, the Company must incur an additional $3,000,000 in exploration expenditures on the mineral claims during the period beginning on the second anniversary of the Effective Date and ending on or before the fourth anniversary of the Effective Date. If the Company exercises the 49-per-cent interest it will enter into a joint venture (the "Joint Venture") with the optionor to develop the mineral claims. The initial working interests of the Company and the optionor in the Joint Venture, if any, will be 49 per cent and 51 per cent respectively.
Kel-Ex will be the initial operator in respect of the work programs on the mineral claims agreed to between the Company and the optionor. Kel-Ex will be entitled to a management fee equal to 10 per cent of such exploration expenditures incurred from time to time.
The option agreement, and the Company's obligations thereunder, are subject to the approval of the TSX Venture Exchange (the "TSXV"). In order to secure the option agreement, the Company advanced $250,000 to the optionor as a deposit (the "Deposit"). If the TSXV does not approve the option agreement, the Deposit is fully refundable by the optionor to the Company.
Revised Financial Statements and Management's Discussion & Analysis
The Company also announces that it has identified errors with respect to the description of the option agreement in the Unaudited Consolidated Financial Statements dated September 30, 2008 (the "Financial Statements") and the Management's Discussion and Analysis for the Quarter ended September 30, 2008 (the "MD&A"). Specifically, as disclosed above, the option agreement is subject to the approval of the TSXV and the Company advanced the Deposit to the optionor to secure the option agreement. The Company has revised the Financial Statements and MD&A to correct the disclosure related to the option agreement. Copies of the revised documents may be obtained at www.sedar.com or by contacting the Company.
© 2008 Canjex Publishing Ltd.
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I spoke with Roy this week. He is answering and delivering everything needed to get trading again. Glad he is in good health again. The news release the other day RE: the roll back was a formality - to communicate the AGM approval but as GOOSE clearly mentioned it’s not a done deal..... Just an option, if Management decides. So Billy - don’t pound your chest.
As far as the website – and keeping in mind of the recent events…. The website was of need of maintenance with all the revisions.
Looking forward to the New Year and having this hiccup behind us….
Christmas REGARDS,
Tommer3