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Here is the 3D model of Ventana's la Bodega property.
TORONTO, March 16 /CNW/ - Ventana Gold Corp, (TSX: VEN) ("Ventana") and AUX Canada Acquisition Inc. ("AUX") are pleased to announce that an additional 6,334,987 common shares ("Ventana Shares") of Ventana (which represent approximately 5.4% of the issued and outstanding Ventana Shares on a fully-diluted basis) have been validly deposited under the ten business day extension to the offer by AUX to acquire all of the outstanding Ventana Shares other than Ventana Shares owned by AUX and its affiliates and associates (the "AUX Offer") at a cash price of Cdn.$13.06.
AUX will take up and pay the depositary for shares tendered as of 8:00 p.m. (Toronto time) on March 16, 2011, the expiry time for the AUX Offer, on March 17, 2011. After take up of the deposited Ventana Shares, AUX and its affiliates will hold a total of 114,328,610 Ventana Shares (representing approximately 96.7% of the issued and outstanding Ventana Shares on a fully-diluted basis). AUX has acquired more than 90% of the Ventana Shares not owned by AUX and its affiliates under the AUX Offer and is therefore entitled to pursue a compulsory acquisition to acquire any remaining Ventana Shares. AUX intends to pursue such a compulsory acquisition as soon as practicable.
In connection with the AUX Offer, the board of directors of Ventana has been replaced by nominees of AUX, namely Eike Batista, Luiz Arthur Correia, Leonardo Moretzsohn, Pedro Garcia, Peter Nathanial, John Brooks and Mark Bennett.
AUX intends to cause Ventana to seek a de-listing of its common shares from the Toronto Stock Exchange. Subject to agreement of the Toronto Stock Exchange, it is anticipated that Ventana Shares will be de-listed as early as March 25, 2011. Ventana will apply to cease to be a reporting issuer and to otherwise terminate its public reporting requirements as soon as possible hereafter.
Ventana is a Vancouver-based mineral exploration and development company with mineral rights to 4,591 hectares of exploration property in northeastern Colombia. The Company has two project areas, La Bodega and Cal-Vetas, of which the flagship La Bodega project contains multiple high-grade zones of gold, silver and copper mineralization.