Verbina Resources Inc.

June 20, 2008 10:39 ET

Verbina Announces Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - June 20, 2008) -


VERBINA RESOURCES INC. ("Verbina" or the "Company") - (TSX VENTURE:VUR) wishes to announce that the Company intends to complete a non-brokered private placement ("Private Placement") to raise up to $700,000 through the sale of (i) up to 618,384 units ("Units") at $0.65 per Unit; and (ii) up to 400,000 flow-through common shares ("FT Shares") at $0.75 per FT Share. Each Unit shall consist of one common share and one-half of a non-transferable share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one (1) common share of the Company at a price of $1.05 for a period of 18 months from the closing date. Closing of the Private Placement shall occur on or before June 30, 2008 and is subject to acceptance by the TSX Venture Exchange. All issued securities will be subject to a four month regulatory hold period. Verbina proposes to pay a finder's fee of up to 10% in cash and up to 10% in finder's warrants, exercisable for a period of 18 months at $0.65 per share, to registered dealers who procure subscriptions for Units and/or FT Shares.

The net proceeds from the Private Placement will be used to fund ongoing drilling and exploration programs at the Company's Massey silica project and Vanward silica project and for general corporate purposes.

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" in the Company's periodic 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.

This news release does not constitute an offer to sell or a solicitation for an offer to purchase any of the securities in the United States.

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

Contact Information

  • Verbina Resources Inc.
    Stewart Winter
    Chief Executive Officer
    (705) 560-6967
    Verbina Resources Inc.
    Kevin Swanborough
    Chief Financial Officer
    (416) 366-4227