CALGARY, Alberta, Oct. 10, 2025 (GLOBE NEWSWIRE) — Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1) (“Bokana” or “Company“) is pleased to announce the conclusion of an independent, non-binding letter of intent (“LOI“) dated October 6, 2025 for a proposed equity interest in Venture Gold, Inc., a corporation organized under the laws of the State of Nevada (“Risk Gold or “VG“) for direct investment into the treasury of VG, whereby VG will retain ownership of all its properties and will use investment proceeds exclusively for the development and intelligence real estate and related working capital needs for a total investment of up to $20,000,000 (“Deal“). The Transaction is also expected to be completed through a newly formed joint venture, Arizore LLC, a Nevada limited liability company. This joint venture to finance and complete the Transaction is still pending with the TSXV.
Deal
In accordance with the Letter of Intent and subject to negotiations and conclusion of a final investment agreement (“Final Agreement“), Bocana's satisfaction or waiver of any conditions precedent and the receipt of all necessary regulatory and third party approvals, Bocana intends to subscribe for and receive a substantial interest in the newly issued shares of VG that are issued and outstanding on a fully diluted basis immediately following such investment, as well as the exact amount to be disclosed upon reaching a binding definitive agreement.
Transactions contemplated by the Letter of Intent are subject to the following conditions:
- Entering into the Definitive Agreement in respect of the Transaction between Venture Gold and Bocana. The Definitive Agreement will describe the terms on which the Transaction will be completed;
- Confirmation by Venture Gold that Bocana has received financing to cover the Transaction;
- completion of satisfactory due diligence by Bokana; And
- regulatory approvals including, without limitation, the TSX Venture Exchange.
An agreed upon search fee is expected to be paid in connection with the Transaction.
About venture gold
Venture Gold is focused on redeveloping the entire Idaho Springs/Central City mining region (“District“) Colorado. VG spent 15 years exploring the county, acquiring properties and obtaining numerous permits through purchases, options, mining leases and other agreements; Venture Gold controls more than 500 acres of mining territory.
“Bokana is pleased to announce the proposed equity investment in Venture Gold, a strategic move that strengthens our growth trajectory.–The sites represent a significant opportunity to expand our asset base and accelerate our corporate development plans. We are excited to partner with the Venture Gold team and remain committed to supporting their vision of unlocking the full potential of this very exciting county.” said Tim Turner, CEO of Bocana.
The letter of intent was discussed at arm's length. The transaction does not represent a change in business. There will be no change of directors or officers of the Company as a result of this Transaction.
The TSX Venture Exchange has not made the nature of the Transaction public in any way and has not approved or disapproved of the contents of this press release.
About Bocana Resources Corp.
Bocana is a mineral exploration company specializing in the acquisition, exploration and development of mineral resources in the Americas. Bocana, through its wholly owned subsidiary Huiracocha International Service SRL, owns a 100% interest in the mineral deposits known as the Escala concessions, located in the Department of Potosí, Province of Southern Lipez, Bolivia, as granted Comibol.
Contact information
For more information about Bokan, visit: https://bocanaresources.com.
For more information or interview requests, contact:
Timothy J. Turner – CEO
[email protected]
(713) 858-3329
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as “intend,” “believe,” “estimate,” “expect,” “may,” “will,” “approximately,” “plan,” “project,” “expect” and similar references to future periods. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bocana's actual results, level of activity, performance or achievements, as applicable, to be materially different from those expressed or implied by such forward-looking information, including, without limitation, statements relating to the Transaction, including Bocana's ability to obtain financing and required approvals, including regulatory approvals for the Transaction, negotiations and execution. The Definitive Agreement, as well as Venture Gold's ability to manage exploration and development programs for its claims. All statements included herein are subject to various risks and uncertainties because they relate to future events and circumstances beyond Bokana's control.
Forward-looking statements are inherently uncertain, and actual results may be affected by several material factors, assumptions and expectations, many of which are beyond the control of the parties, including expectations and assumptions regarding (i) Venture Gold; (ii) Transaction; (iii) the ability of the parties to negotiate and enter into the Definitive Agreement on satisfactory terms as proposed, (iv) the timely receipt of all necessary regulatory approvals (if applicable), including the approval of the TSX Venture Exchange, (v) if the Definitive Agreement is entered into, the satisfaction of other closing conditions in accordance with the terms of the Definitive Agreement and (vi) the ability of the parties (if applicable) to complete the financing and/or the Transaction on the terms and conditions set forth in this press release (or generally). Although Bokana has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that could cause results not to be as expected, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information except as required by law. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the 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 press release.
