/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
VANCOUVER, Jan. 31 /CNW/ - KPS VENTURES LTD. (TSXV: KPS.H). KPS Ventures
Ltd. is pleased to announce that, pursuant to its previously announced
proposed acquisition of all of the issued and outstanding shares of Lerida Bay
Ltd., it has entered into a definitive share purchase agreement dated as of
January 26, 2007 with Lerida Bay and the shareholders of Lerida Bay.
KPS Ventures also announces that it has increased the size of its
previously announced subscription receipt financing to $16 million. Further
details concerning the private placement are described in the press release of
the company dated January 16, 2007.
KPS Ventures further advises that the date of the special meeting of the
shareholders of KPS Ventures relating to, among other things, the approval of
the acquisition of all of the shares of Lerida Bay has been changed to
February 27, 2007. It is anticipated the management information circular in
respect of the shareholders meeting will be available on SEDAR on or prior to
February 1, 2007.
Previously, Lerida Bay applied for the two Berlin Concessions and its
application for the concessions was accepted. Lerida Bay has since become
aware that another application has been accepted for the same concessions.
Lerida Bay is pursuing all avenues in establishing its prior right to these
applications and the grant of the concessions, however there can be no
guarantee of success in this matter. The Berlin Concessions comprise two of
the 18 concessions that are being acquired by KPS Ventures, which intends to
carry out a full exploration program at all of the other concessions while
Lerida Bay's prior rights to Berlin are established.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding a
proposed acquisition and private placement. Actual developments may differ
materially from those contemplated by these statements depending upon, among
other things, the ability of the agent to raise the funds and decisions made
by regulators. The forward looking statements contained in this press release
represent the company's views and expectations as of the date of this release
and should not be relied upon as representing its views and expectations at
any subsequent date.
Trading in the securities of the company should be considered highly
speculative. 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.
For further information:
For further information: Gordon Keep, the President of KPS Ventures, at