Venga Aerospace Systems Inc. is a publicly held company based in
On February 5, 2013, the Investment Industry Regulatory Organization of Canada ordered a halt of the trading of Venga shares for the company's failure to maintain exchange requirements. On February 7, 2013, the TSX Venture Exchange ordered that the trading of Venga shares be suspended for the company's failure to maintain exchange requirements.
The Company at times has operated or held interests in three separate business units: aerospace; 3D imaging and gold mining in West Africa. Venga’s aerospace division was engaged in the development of a full scale, composite jet drone/aircraft known as the TG-10 Brushfire and has made a formal proposal to the Canadian government to supply replacement jet aircraft for the Canadian Armed Forces’ famed Snowbirds aerial demonstration squadron. As a direct consequence of delays in the Canadian government reaching any final decision with respect to any replacement program for the Snowbirds, the Company has decided to hold its replacement aircraft proposal for the Canadian Forces' Snowbirds in abeyance pending receipt of a positive response from the Canadian government.
Venga also holds a 20% interest in Global Mineral Investments Inc. LLC, ("GMI") a U.S. private corporation which was granted Class 'B' Gold Mining and Export Licences by the Ministry of Lands, Mines and Energy of the Republic of Liberia for four concession (the "GMI Concessions") located in the Sanquin Mining Zone, Sinoe County in the Republic of Liberia. GMI commenced its Liberian dredging and land based mining operations in June of 2009 and conducted gold dredging operations through the 2010 and 2011 operational seasons.
In July of 2011, GMI entered into an exploration and development agreement with Tawana Resources NL ("Tawana") an Australian based public company (ASX:TAW) wherein GMI granted Tawana, subject to due diligence, exclusive exploration rights to certain delineated areas of the GMI Concessions. After completing an extensive field sampling and mapping program, Tawana, in August of 2011, announced that it was proceeding with its planned exploration and development plans and that it had secured an option of purchasing the GMI Concessions. After several extensions of its option, Tawana never formally renewed its purchase option beyond December 31, 2012.
Tawana has collected and processed over 5,000 soil samples from the GMI Concessions and announced that its sampling program has identified large soil anomalies which contain gold measuring up to 6.25 g/t and which results provide confidence of significant mineralization occurring below. These positive findings were corroborated when on July 27, 2012, Venga announced that GMI had commissioned and then released a NI 43-101 compliant technical report which characterized the GMI Concessions as being an exploration project of merit.
In its Quarterly Activities Report for the Period ending June 30, 2013 released on July 29, 2013, Tawana reported that to follow up high priority soil anomalies and trench intersections, a 400 hole hand auger program was completed at the Sinoe Gold Project. Tawana further reported that since no significance results were reported the company had terminated its option agreement with GMI to outright acquire the Sinoe Gold project in order to focus on Tawana's Mofe Creek iron ore project.