Verbina Resources Inc.
TSX VENTURE : VUR

December 16, 2009 09:49 ET

Verbina Announces Cancellation of Non-Brokered Private Placement and Arrangement of Interim Secured Debt Financing

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

VERBINA RESOURCES INC. ("Verbina" or the "Company")(TSX VENTURE:VUR) announces that due to extremely tight time constraints as we approach year-end our previously announced Non-Brokered Private Placement has been withdrawn. The company has determined, among other things, that it could not effectively spend the flow-through portion of the Placement.

Verbina also wishes to announce that it has arranged an interim secured debt financing of $100,000, with an option to add an additional $50,000 under the same terms at the discretion of the lender. The funds from the debt financing will be used to meet Verbina's short-term obligations and for general corporate purposes.

Additionally, the company's optioned uranium properties in Northern Ontario were viewed to not be in good standing and were formally dropped. These include:



1. The Baldwin-Shakespeare Option;
2. The Gaiashk Option; and
3. The Hymen-Totten Option.


About Verbina

Verbina is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Company can be found in Verbina's final prospectus dated December 21, 2007 which has been filed and is available for review on SEDAR at www.sedar.com.

Cautionary Notes:

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the appointment on Verbina; the potential of the Company's projects; timetable for further exploration, analysis and development; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation for an offer to purchase any of the securities in the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Verbina Resources Inc.
    Paul Zyla
    President
    (416) 366-4227
    or
    Verbina Resources Inc.
    Kevin Swanborough
    Chief Financial Officer
    (416) 366-4227