CALGARY, ALBERTA--(Marketwired - Aug. 11, 2016) - Veraz Petroleum Ltd. (the "Company") (NEX:VRZ.H) is pleased to announce that it has changed its name from "Veraz Petroleum Ltd." to "AlkaLi3 Resources Inc." pursuant to the provisions of the Business Corporations Act (Alberta). The name change was approved by shareholders at the Company's annual and special meeting of shareholders held on August 10, 2016 and is effective as of August 11, 2016. The Company anticipates that it will begin trading under its new name on the NEX and under the new symbol "ALK" on or about August 16, 2016.

Advisory Regarding Forward-Looking Statements

Certain information provided in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including the anticipated timing of the commencement of trading under the new name and new trading symbol. The forward-looking statements contained in this news release are made as of the date hereof and except as may be required by applicable securities laws, the Company assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its regulation service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

Contact Information:

Veraz Petroleum Ltd.
Paul Baay
+1 403-619-8407