Ventures Resource Alaska Corporation Terminates Doyon Agreement And WGM Inc. Management Agreement.ANCHORAGE, Alaska -- Ventures Resource Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:VRC (Vertical Redundancy Check) An error checking method that generates and tests a parity bit for each byte of data that is moved or transmitted. VRC - Vertical Redundancy Check ) (the "Company"), a corporation incorporated under the laws of the Barbados, announced that through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ventures Resource Alaska Corporation ("VRAC VRAC Virtual Reality Applications Center VRAC VHF Repeater Advisory Committee (ARRL ham radio consortium) ") it has terminated its exploration agreement (the "Exploration Agreement") with Doyon, Limited ("Doyon"), as well as its exploration management agreement (the "Management Agreement") with WGM WGM Whispering Gallery Mode (microresonators) WGM Women's Grandmaster WGM Work Group Manager WGM World Gone Mad (Austin, Texas drum and bugle corps) WGm West Germanic (linguistics) Inc. ("WGM"). Since 1996, VRAC funded early stage exploration managed by WGM on Doyon grounds. The Management Agreement provided WGM with the exclusive rights to conduct exploration programs on grounds Ventures held through the Exploration Agreement. The Exploration Agreement included an annual option payment as well as a minimum exploration expenditure. In light of the lack of further funding available to the Company, the Company has decided terminate the Agreement. LOAN NEGOTIATED On February 24th, 2005, the Company received a loan of US$56,000 from a controlling shareholder, Sea Shell Limited ("Sea Shell"), a company controlled by a director of the Company. The proceeds from the loan will provide the Company with necessary working capital. In exchange for the loan, the Company issued a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. to Sea Shell (the "Note") in the amount of US$56,000. The Note bears an interest rate of 10% per annum and is repayable by the Company as to principal and interest in cash on or prior to two years from the date of issuance. The Note does not carry periodic interest and principal payments or periodic dividend payments. Subject to the approval of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , the Company may repay the full amount of the principal and interest owing pursuant to the Note by the issuance of common shares of the Company at market price to Sea Shell. Ventures Resource Corporation is an international exploration company. Shares: 15,242,646 The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Ventures Resource Corporation (TSX VENTURE:VRC) |
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