Veraz Petroleum Ltd., announces that in conjunction with the signing of an Exploration Contract for Block 126 in Peru, as press released on October 24, 2007, the Corporation will pay a finder's fee to Consumidores y Mercados SA, a company headquartered in Lima, Peru.
The fee was negotiated between Consumidores and the previous management of the Corporation (then North American Vanadium Inc.) and is in recognition of the important contribution Consumidores made in securing the Contract.
The agreement with Consumidores provides for an immediate payment of $50,000 US, with a subsequent payment, 60 days after signing the Contract, of an additional $50,000 US. Additionally, as part of the finder's fee, the Company will issue two million shares to Consumidores.
Veraz is a junior international exploration company based in western Canada and listed on the Canadian Trading and Quotation System Inc. (CNQ) under the symbol VRAZ. -- www.cnxmarketlink.com
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