Madalena Ventures Inc.
CNQ : MAVI

Madalena Ventures Inc.

May 24, 2006 13:12 ET

Madalena Closes $1,000,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2006) - Madalena Ventures Inc. ("Madalena" or the "Company") (CNQ:MAVI) is pleased to announce that it has completed the non-brokered private placement announced on May 3, 2006, realizing gross proceeds of $1,000,000. The Company issued 1,000,000 units at the price of $1.00 per unit. Each unit is comprised of one common share and one-half of a share purchase warrant, and each whole warrant is exercisable to purchase one additional common share in the capital of the Company for $1.25 until May 16, 2007.

All shares issued in connection with the private placement and any shares issued on exercise of warrants are subject to a four month hold period expiring on September 16, 2006. Finder's fees have been paid in connection with the private placement in accordance with the policies of The Canadian Trading and Quotation System Inc. ("CNQ").

Net proceeds from the private placement will be used to fund the Company's ongoing oil and gas exploration, for general working capital and to seek global resource investment opportunities.

MADALENA VENTURES INC.

On behalf of the Board

Ray Smith, Chairman

Contact Information

  • Madalena Ventures Inc.
    Don Gee
    (604) 618-3433
    (604) 291-9926 (FAX)