March 4 (Reuters) - Valence Industries Ltd (VXL) :
- "Taken steps to minimise cash outgoings by further reducing operating and head office costs"
- Says "retained a limited number of key staff to continue planning for the necessary work"
- Continued to actively investigate corporate transactions, possible offers for and both debt and equity capital raising options
- Company's shares will remain suspended from trading until completion of the rights issue, scheduled for 29 April 2016
