Verbina Resources Inc.

January 02, 2008 16:33 ET

Verbina Resources Inc. Completes Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Jan. 2, 2008) -


VERBINA RESOURCES INC. ("Verbina" or the "Company") is pleased to announce that it has completed an initial public offering (the "Offering") on December 31, 2007 (the "Closing") of 826,500 units at a price of $0.50 per unit and 881,167 flow-through shares at a price of $0.60 per share which includes 47,833 flow-through shares issued on exercise of an over-allotment option, raising gross proceeds of approximately $941,950. Each unit consists of one common share and one-half of one common share purchase warrant exercisable for a period of 18 months from Closing at a price of $0.90 per share. Haywood Securities Inc. ("Haywood") acted as agent in connection with the Offering and received a cash commission equal to 10% of the gross proceeds of the Offering. Haywood also received 170,767 broker warrants, each of which entitles the holder to purchase one unit for a period of 24 months from Closing at a price of $0.50 per unit.

The Company has applied for listing of its common shares on the TSX Venture Exchange. Listing will be subject to the Company fulfilling all of the listing requirements of the Exchange, including minimum financial and distribution requirements.

The issued and outstanding capital of the Company after giving effect to the Offering is 6,637,667 common shares.

The net proceeds from Verbina's initial public offering will primarily be used to conduct exploration work on the Company's Massey property, to fund general and administrative expenses and for general working capital.

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 in the Province of Ontario. 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

Forward-looking Statements

Statements contained in this release that are forward-looking statements are subject to various risks and uncertainties relating to specific matters disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulatory authorities. Such information contained herein represents Management's best judgment as of the date hereof based upon currently available information. Verbina does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

    Stewart Winter
    Chief Executive Officer
    (705) 560-6967
    Kevin Swanborough
    Chief Financial Officer
    (416) 653-5151