Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

November 17, 2009 15:48 ET

Verena Minerals Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2009) - Verena Minerals Corporation ("Verena" or the "Company") (TSX VENTURE:VML) is pleased to announce that it has closed the previously announced private placement offering (the "Offering") for aggregate gross proceeds of $2,540,000. D & D Securities Company, acted as the lead agent and Dundee Securities Corporation, the co-agent (collectively, the "Agents") in respect of the Offering, in which the Company issued 12,700,000 units ("Unit"), at a price of $0.20 per Unit. Each Unit consists of one common share of the Company ("Common Share") plus one half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $0.30 until May 16, 2011.

Proceeds of the private placement will be used to fund ongoing exploration and development programs at Verena's projects in Brazil and for general corporate purposes.

The Agents received an aggregate cash commission equal to 7% of the total proceeds raised through the Agents and were issued broker warrants exercisable to acquire, in the aggregate, that number of Common Shares as is equal to 7% of the aggregate number of Units issued through the Agents. Each broker warrant will entitle the holder thereof to acquire one Common Share at a price of $0.20 until May 16, 2011.

All securities issued pursuant to the Offering, including the Common Shares and Warrants underlying the Units, and the brokers warrants issued to the Agents are subject to a four (4) month statutory hold commencing from closing.

None of the securities have been registered under the Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold unless registered or exempt from such registration requirements. This press release does not constitute an offer or sale of securities.

About Verena

Verena Minerals Corporation is a Canadian based mineral exploration company with portfolio of properties including gold, diamonds and gemstones in Brazil. Verena's prime focus is on advancing and expanding its 100% owned Volta Grande Project, located in Para State. Verena trades on the TSX Venture Exchange and has approximately 112.4 million common shares issued and outstanding.

Cautionary Statement on Forward Looking Information

This press release may include forward looking statements within the meaning of securities laws. Forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from what is currently expected. Accordingly, readers should not place undue reliance on forward looking statements. For a more detailed discussion of such risks and other factors, refer to Verena's filings with the Canadian securities regulators available on www.sedar.com or the Company's website at www.verena.com.

"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

  • Verena Minerals Corporation
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-2998
    www.verena.com