News Release
Valencia Ventures director Bharti resigns
2012-02-29 16:30 PT - News Release
Mr. Frederic Leigh reports
VALENCIA PROVIDES UPDATE REGARDING DISCUSSIONS TO ACQUIRE NEW PHOSPHATE ASSET
Valencia Ventures Inc. is continuing discussions with an arm's-length party to acquire a phosphate project in Africa. As announced in its news release dated Nov. 29, 2011, Valencia intends to negotiate and enter into a definitive agreement in respect of the proposed transaction, which will provide for conditions precedent that are standard for a transaction of this nature, including satisfactory due diligence, receipt of all regulatory and TSX Venture Exchange approvals, and approval by Valencia's shareholders.
In accordance with the policies of the TSX Venture Exchange, the common shares of the company were halted from trading on Nov. 28, 2011, and will remain halted until further notice.
Valencia will provide further details in respect of the proposed transaction in due course by way of news release.
As indicated above, Valencia anticipates that the completion of the proposed transaction, which is expected to be structured as a reverse takeover, will be subject to a number of conditions, including shareholder approval. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be completed on the terms contemplated in such agreement, or at all.
Board change
Stan Bharti has resigned from the board of directors, effective as of Feb. 29, 2012. Mr. Bharti's resignation does not impact Valencia's consulting agreements with Mr. Bharti and Forbes & Manhattan Inc., and Valencia remains a member of the Forbes & Manhattan Group of Companies and continues to receive all of the benefits of such membership, including access to a world class team of geologists and mining engineers, advice from Mr. Bharti, and other Forbes & Manhattan technical and capital market professionals, and strategic advice from the Forbes & Manhattan board of advisers. Valencia is considering who should replace Mr. Bharti as chairman of the board of directors and will provide further details in a subsequent news release.
We seek Safe Harbor.