|July 24, 2012|
Orient Venture captial Inc. Announces Filing Of Filing Statement And Technical Report For Proposed Qualifying Transaction
|Vancouver, British Columbia, July 24, 2012 -- Orient Venture Capital Inc. (the "Company"), a Vancouver based capital pool company listed on the NEX Board of the TSX Venture Exchange Inc. (the "Exchange") (NEX: OVC.H) is pleased to announce that, on June 4, 2012, it received conditional acceptance for its Qualifying Transaction (as defined in the policies of the Exchange) from the Exchange. The Company's Qualifying Transaction involves the acquisition of an option to earn an undivided 100% interest in 429 mineral claims located 135 km northwest of Kuujjuak, Ungava Bay region, Quebec and covering a total area of 18,700.4 hectares (the "Hawk Ridge Project") pursuant to an option agreement dated effective March 29, 2012, as amended effective May 15, 2012 with Virginia Energy Resources Inc. ("Virginia Energy") and 662707 Alberta Ltd., a wholly-owned subsidiary of Virginia Energy.|
A filing statement (the "Filing Statement") dated July 23, 2012 regarding the Qualifying Transaction has been filed on SEDAR (www.sedar.com). The Company has also filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report with respect to the Hawk Ridge Project entitled, "Technical Report and Proposed Exploration Program for the Hawk Ridge Project, Quebec", written by Daniel A. Beauchamp, P.Geol., géo., M.B.A., and dated April 30, 2012 (the "Technical Report"). Mr. Beauchamp is a "qualified person" as defined in NI 43-101 and is independent of the Company. Excerpts from the Technical Report are included in the Filing Statement.
Closing of the Qualifying Transaction is subject to certain conditions, including the completion of the concurrent financings as described in the Filing Statement. The closing is expected to take place on or about August 2, 2012 or such other date as may be determined by the Company and PI Financial Corp., the Agent. On closing, the Company will change its name to "Nickel North Exploration Corp." Trading in the shares of the Resulting Issuer (as defined in the policies of the Exchange) is expected to commence a few business days after the closing under a new trading symbol "NNX".
For further information, please contact Ms. Min Kuang, Chief Executive Officer and director of Orient Venture Capital Inc. as follows:
Telephone: (604) 689-0618
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this news release. Neither 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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Disclaimer for Forward-Looking Information
Statements in this news release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as the statement that the closing of the Qualifying Transaction is expected to take place on or about August 2, 2012. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, such as the risk that the closing of the Qualifying Transaction may not occur for any reason. Actual results could differ materially from those currently anticipated in such statements due to factors including, but not limited to, the Exchange failing to grant final acceptance for the Qualifying Transaction for unforeseen reasons. Except as required by law, the Company does not intend to update any changes to such statements.
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