Verbina Resources Inc.
TSX VENTURE : VUR

December 07, 2009 14:22 ET

Verbina Announces Senior Officer Appointments and Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2009) -

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

VERBINA RESOURCES INC. ("Verbina" or the "Company")(TSX VENTURE:VUR) is pleased to announce that its Board of Directors has appointed Paul Zyla as President of the Company, Kevin C. Swanborough, CGA, Chief Financial Officer of the Company and Kevin Coombes as Secretary Treasurer of the Company.

The Company also wishes to announce that it intends to complete a non-brokered private placement ("Private Placement") to raise up to $1,000,000 through the sale of any combination of units ("Units") at $0.26 per Unit and flow-through common shares ("FT Shares") at $0.34 per FT Share. Each Unit shall consist of one common share and one-half of a non-transferable share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one (1) common share of the Company at a price of $0.50 for a period of 12 months from the closing date. Closing of the Private Placement shall occur on or before December 31, 2009 and is subject to acceptance by the TSX Venture Exchange. All issued securities will be subject to a four month regulatory hold period. Verbina proposes to pay a finder's fee of 10% in cash and 10% in finder's warrants, exercisable for a period of 12 months at $0.50 per share, to registered dealers who procure subscriptions for Units and/or FT Shares.

The Company intends to use the net proceeds from the Private Placement to fund ongoing drilling and exploration programs on its exploration properties in Canada and for general corporate purposes.

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