/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, June 15 /CNW/ - SERENO CAPITAL CORPORATION (TSXV:SZZ.P) (the "Corporation") announced today that certain conditions have not been satisfied concerning the proposed acquisition of Grey Crown Resources Limited ("Grey Crown") as announced by the Corporation on May 10, 2010 (the "Transaction").
Since entering into the letter of intent with Grey Crown on January 12, 2010, the Corporation and Grey Crown have been unable to satisfy all of the conditions required to complete the Transaction. As a result, the Corporation and Grey Crown continue to discuss the conditions and ability to close the Transaction.
Pursuant to Policy 2.4 of the TSX Venture Exchange Inc. (the "Exchange Policy"), the Corporation was obligated to complete its qualifying transaction by February 15, 2010. The Corporation applied to the TSX Venture Exchange Inc. and was granted an extension of its deadline to March 31, 2010 in accordance with the Exchange Bulletins released November 3, 2008 and March 6, 2009 describing temporary relief measures for current market conditions. The Corporation failed to complete its qualifying transaction by the extended deadline and its shares were suspended from trading in accordance with the Exchange Policy.
On October 30, 2009, the Corporation held an annual and special meeting at which time the shareholders of the Corporation passed a resolution approving the migration of the Corporation to NEX and the cancellation of one-half of the seed shares held by non arm's length parties in the event the Corporation did not complete its qualifying transaction within the time period prescribed by the Exchange Policy.
As a result of its inability to complete a qualifying transaction within the time periods, as extended, the Corporation will cancel 600,000 seed shares issued at an amount of less than $0.20 in accordance with the Exchange Policy.
The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE SERENO CAPITAL CORPORATION
For further information: For further information: Andrew Patient, President, Chief Executive Officer, Chief Financial Officer and Secretary, Sereno Capital Corporation, E-mail: firstname.lastname@example.org, Tel: (416) 593-3725