Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

March 22, 2007 18:31 ET

Vena Resources Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Vena Resources Inc. (TSX VENTURE:VEM), (LIMA:VEM), (FRANKFURT:V1R), (OTCBB:VNARF) is pleased to announce a proposed private placement for gross proceeds of up to $14,000,000 through the issuance of up to 10,000,000 units of the Company at a price of $1.40 per unit. Each Unit will consist of one common share and one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at $2.00 per share for a period of two years from the closing date. The terms of the Warrant provide that, if, at any time following expiry of the Hold Period, the closing price of the common shares of the Company on the TSX Venture Exchange is greater than $3.00 for 20 or more consecutive trading days, the Company may give notice to the holders of the Warrants that the expiry date for exercise of the Warrants has been accelerated and the Warrants will expire on the 20th business day following the date of such notice.

In connection with the offering each of Loewen, Ondaatje, McCutcheon Limited, Toronto and Olympus Securities LLC, New York, NY, have been retained as agents in connection with $10,000,000 of the offering. The balance of the offering is being completed on a non-brokered offering.

Completion of the private placement is subject to certain conditions, including satisfactory due diligence by the agents and receipt of all necessary regulatory approvals. Closing of the private placement is expected on or about March 27, 2007.

The net proceeds of this private placement will be used for construction of a modular mill and mine development for the Azulcocha Zinc/Lead project and working capital purposes.

Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Disclosure regarding forward-looking statements: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

Shares Outstanding: 55,768,835

Fully-Diluted: 61,388,835

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

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