Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

February 24, 2011 10:12 ET

Vena Resources Closes $12 Million Financing

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) -


Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(XETRA®:V1R.DE) is pleased to announce that its previously announced public offering (the "Offering") of units (the "Units") in Peru, Chile and Canada has closed. A total of 24,039,458 Units, were sold at a price of $0.50 per Unit for gross proceeds of $12,019,729. Each Unit was comprised of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share of the Company (a "Warrant Share") at a price of $0.75 per Warrant Share at any time following the closing of the Offering until 5:00 p.m. (Toronto time) on August 24, 2012. The Company has the right, if the closing trading price for the Common Shares as reported by the Toronto Stock Exchange (the "TSX") is greater than $1.00 for a period of 20 or more consecutive trading days on the TSX, to give notice in writing to the holders of the Warrants, within 30 days of such an occurrence, that the Warrants will expire at 5:00 p.m. (Toronto time) on the 30th calendar day following the date of the notice of acceleration unless the Warrants are exercised by the holders of the Warrants prior to such time.

M Partners Inc. and Celfin Capital S.A. SAB (collectively, the "Agents") acted as agents on behalf of the Company and were paid a commission equal to 7% of the gross proceeds of the Offering. The Units were sold in British Columbia, Alberta and Ontario through M Partners Inc. and on a private placement basis to purchasers in Chile and Peru through Celfin Capital S.A. SAB.

For further information on Vena Resources Inc., please visit the Company website at or its Facebook page.

Statements in this press release regarding the Company's business, plans, intentions, proposed Offering and use of proceeds thereof, 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. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian Securities Regulators, which are available online at

Shares Outstanding: 122,952,743

Fully-Diluted: 157,741,664

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

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