/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
CALGARY, Oct. 12 /CNW/ - In furtherance of its press release issued
September 11, 2007, VenPath Investments Inc. (the "Corporation") is pleased to
announce that it has entered into a Term Sheet with FirstEnergy Capital Corp.
("FirstEnergy") under which FirstEnergy has agreed to act as agent on a
best-efforts basis for the private placement being completed by the
Corporation in conjunction with the previously-announced OPE Transaction.
Target gross proceeds for the private placement will be $12,000,000 US
and the issue price will be $0.60 US per Common Share. Closing of the private
placement is targeted for October 30, 2007.
Proceeds of the private placement will be used to complete the OPE
Transaction described in detail in the Corporation's Filing Statement dated
August 20, 2007 and available online at www.sedar.com. All parties to the OPE
Transaction have executed extensions to provide sufficient time for closing of
the private placement. Closing of the OPE Transaction is targeted for
October 31, 2007.
It is anticipated that both the private placement and the OPE Transaction
will be completed on terms materially similar to those originally disclosed in
the Filing Statement. A summary of the minor modifications to the terms of the
private placement and the OPE Transaction, along with an update on any
material developments in the business of the Corporation and the OPE Group,
are included in a document titled "Filing Statement Supplement" filed
October 12, 2007 on SEDAR and is available online at www.sedar.com. All
shareholders and potential investors in the Corporation are advised to review
the Filing Statement and Filing Statement Supplement in detail. Completion of
the OPE Transaction is subject to final approval of the TSX Venture Exchange.
Shareholders are reminded that the Corporation is changing its name to
"OPE Holdings Ltd." in conjunction with the OPE Transaction and will trade
under the new symbol "OPE" pending completion of the OPE Transaction. The
Corporation has requested that its stock remain halted on the TSX Venture
Exchange until completion of the OPE Transaction.
The Common Shares have not been and will not be registered under the
United States Securities Act of 1933, as amended, or under any state
securities laws, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements. This
release does not constitute an offer to sell or a solicitation to buy such
securities in the United States.
Completion of the OPE transaction is subject to completion of a number of
conditions. Trading of the securities of the Corporation should be considered
highly speculative. The TSXV has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of this press
For further information:
For further information: L. Daniel Wilson at (403) 358-1110 (phone),
(403) 887-7666 (fax), or email@example.com