| Vena Receives Peruvian Court Decision on Azulcocha West Arbitral Award | |
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TORONTO , Jan. 11, 2016 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru : VEM, Germany : V1RA, USA : VNARF) announces that the Superior Court of Lima, Peru (the "Court") has declared null and void in part, the arbitral decision, and specifically, the portion of the decision which had ordered the joint and several payment by the Company, Vena Perú S.A. and Azulcochamining S.A. to Empresa Minera Los Quenuales S.A. ("LQ") of US$2,342,092.51 (the "Arbitral Award"). Under the decision issued by the Court, Vena is released from the requirement to make any payment pursuant to the arbitration until a new arbitral decision is issued. In addition, the Court has required that the arbitral tribunal reconsider the Arbitral Award and issue a new decision in respect of this matter. The Court decision also provided that each party is responsible for its own costs and expenses incurred in the judicial process.
For more information regarding the dispute, the arbitration and the Company's annulment application in the Peruvian courts seeking to set aside the arbitral award, see the Company's press releases of May 26 and October 8, 2014 and February 6 , July 31 and August 13, 2015 .
Vena will continue to actively pursue discussions as well as the legal processes it considers appropriate to resolve this dispute and further updates will be provided.
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
SOURCE Vena Resources Inc.
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : VEM.V |
ISIN : CA9225893044 |
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Vena Res. is a zinc producing company based in Canada. Vena Res. produces zinc, manganese in Peru, and holds various exploration projects in Peru. Its main asset in production is AZULCOCHA in Peru and its main exploration properties are ESQUILACHE, CARHUAZ, COMPIN, HUARANCHAL, HUARAZ, MASMA, PALLASCA, SANTIAGO DE CHUCO, HUAMACHUCO, AUCAMPAMPA PROSPECT, LAS PRINCESAS, PUCARA, MACUSANI, LAGUNILLAS, MUNANI and HUACHON in Peru. Vena Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is 63.1 millions as of today (US$ 60.2 millions, € 44.7 millions). Its stock quote reached its lowest recent point on December 24, 2004 at 0.20, and its highest recent level on February 23, 2007 at 1.91. Vena Res. has 47 442 200 shares outstanding. |