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Veraz Down 40% To Below Yr Low, Completes Sale of Subsidiary to Petrominerals, Shares to be Consolidated

Veraz Petroleum (VRZ.V) is down 40% to a new yr low of 3 cents. More than 822,000 shares have changed hands, making it the third most actively traded on the TSXV.

The company announced yesterday that it has completed the sale of its wholly-owned subsidiary, Veraz Petroleum Peru S.A.C. to Petrominerales Ltd. pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Sale Transaction"). The Sale Transaction was approved by 98% of the votes cast by shareholders at the annual general and special meeting of Veraz held yesterday.

Veraz shares will be consolidated on a 3 to 1 basis.

Verz will also be delisted from the TSXV.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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