Venga Aerospace Systems Inc.

Venga Aerospace Systems Inc.

October 21, 2008 13:10 ET

Venga's $545,000 Private Placement Receives Final TSX Venture Exchange Approval

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV) (PINK SHEETS:VNGAF) (the "Company" or "Venga") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted for filing documentation with respect to a Non-Brokered Private Placement (the "Offering" or the "Placement") previously announced in press releases dated, October 10 and October 17, 2008. Pursuant to this acceptance, on closing, the Company will, be issuing 10,900,000 common shares at $0.05 per share for gross proceeds of $545,000.00. The closing of the Offering is expected to occur within the next several weeks and all shares issued pursuant to the Placement will be subject to a hold period, which expires four months after closing.

The proceeds from the Offering are intended to be used by Venga to fund Global Mineral Investments LLC's ("GMI") planned gold dredging operations in those portions of the Upper Tartweh River that flow through GMI's four concessions located in Sinoe County, Liberia, to acquire an additional 16% equity interest in GMI (increasing Venga's equity interest in GMI to 20%) and for general corporate purposes. Additional details of the Offering are outlined in the Company's previous press release dated October 10, 2008.

"For any company to be able to raise funding in these uncertain times is a real expression of confidence in our Company's business direction and potential," stated Venga's President, Hirsh Kwinter. "Once this financing is closed, Venga will be in a position to finance and participate in our Global Mineral Investment partners' proposed gold dredging operations in Liberia," continued Kwinter.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 228,271,893

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

Contact Information

  • Venga Aerospace Systems Inc.
    Hirsh Kwinter
    (514) 489-7175