Verena Minerals Corporation

Verena Minerals Corporation

March 30, 2005 10:30 ET

Verena Closes $500,000 Private Placement Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VERENA MINERALS CORPORATION

TSX VENTURE SYMBOL: VML

MARCH 30, 2005 - 10:30 ET

Verena Closes $500,000 Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - Verena Minerals
Corporation (the "Company") (TSX VENTURE:VML) announces that the Company
has closed a private placement disclosed in a press release on February
28, 2005. The placement was of 3,571,429 units at $0.14 a unit for gross
proceeds of $500,000 to the Company. Each unit is comprised of one
common share and 1/2 of one share purchase warrant, each whole warrant
being exercisable for an additional share for up to twelve-months at an
exercise price of $0.18. The placement was brokered for a negotiated
commission of 6% paid in cash. The securities issued under the private
placement are subject to a four-month resale restriction and the entire
placement is subject to final TSX Venture Exchange approval.

Additionally, it announced that on March 14, 2005 an aggregate of 91,666
stock options (the "Options") were granted to Linear Capital Corp.,
exercisable at $0.15 a share, being no less than the previous day's
closing price of the Company's shares on the TSX Venture Exchange.

Further, the Company would also like to announce that Stephen Shefsky
stepped down from the Audit Committee of the Company effective
immediately and that the Audit Committee will now be composed of Messrs.
Stephen G. Roman, Elmer Prata Salomao, and Wayne T. Egan and pursuant to
Policy 3.1 "Directors, Officers and Corporate Governance" of the TSX
Venture Exchange none of Messrs Roman, Salomao or Egan are officers,
employees or control persons of the Company or any of its associates or
affiliates.

About Verena Minerals

Toronto-based Verena Minerals Corp. is focused on the exploration and
development of gold projects in Brazil. Through its wholly-owned
Brazilian subsidiaries, the Company controls over 100,000 hectares of
prospective exploration concessions covering major mineralized belts in
Goias, Minas Gerais, Rio Grande do Norte, Para and Tocantins states.
Verena currently has approximately 54 million shares outstanding, and is
listed on the TSX Venture Exchange under the symbol VML.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Verena Minerals Corporation
    Stephen Shefsky
    President and CEO
    (416) 924-4337
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.