VenCan, Chesbar merge certain assets

Juniors VenCan Gold (ME) and Chesbar Resources (TSE) intend to merge their Venezuelan interests into a new entity.

Shareholders will receive half of the shares in the new entity. This new company will then proceed with a planned public financing of $10-15 million, to be used for exploration and development of Venezuelan gold properties. The companies will also transfer their non-Venezuelan properties into new subsidiaries, shares of which will be distributed to VenCan and Chesbar shareholders.