RE: I Predict Financing Failure
I was right, again. Iciena has had four failed financings in less than one year.
Now they are not compliant with TSX-V policy. My take? They can't find anyone that will put their name on this sinking ship.
Mayday!
ICIENA ANNOUNCES CORPORATE UPDATE
Vancouver, B.C., December 17, 2009 – ICIENA VENTURES INC. (TSX-V: IIE) (“Iciena”
or the “Company”) further to the Company’s news release of December 10, 2009 announcing
the death of Roy Shatzko (the Company’s CFO and director), the Company announces that it
only has two directors in place. Pursuant to TSX Venture Exchange (“TSX-V”) policy, an issuer
is required to have a minimum of three directors, two of whom are required to be independent.
The Company is not currently compliant with TSX-V policy and the existing Directors are
working to remedy the size and composition of the Company’s Board of Directors.
The Company also announces that the non-brokered private placement of up to 30,000,000 units
previously announced in the Company’s news release of November 17, 2009 is not proceeding.
About Iciena Ventures Inc.
Iciena is a publicly traded junior exploration company engaged in diamond exploration in Brazil.
Through its offices in Vancouver and its field office in Mato Grosso, Brazil, the Company seeks
to find, explore and market diamonds and other precious stones.
For further information, please contact:
Kelly Fielder
Suite 730 – 1111 West Hastings Street
Vancouver, BC V6E 2J3
Telephone: (604) 638-1255
ON BEHALF OF ICIENA VENTURES INC.
“Kelly Fielder”
Kelly Fielder
Director
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.