Verena Minerals Corporation

Verena Minerals Corporation

July 18, 2007 16:54 ET

Verena Minerals Retains The F.I.R.M. as Its Corporate Investor Relations Team

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Corporation") is pleased to announce that it has retained The F.I.R.M. (Focused Investor Relations Marketing) to assist with its Corporate Investor Relations and Marketing program. The F.I.R.M. is a Canadian-based investor relations company with satellite offices in Vancouver and Calgary, specializing in the marketing of global natural resource companies. The F.I.R.M.'s principals are Lisa M. Chapman and Joanne C. Jobin. The F.I.R.M.'s office is located at First Canadian Place, 100 King Street West, 37th Floor, Toronto, ON, M5X 1C9.

The services agreement between Verena and The F.I.R.M. is effective from July 17, 2007 for a term of one year. The F.I.R.M. will receive a monthly fee of $7,000 plus GST. In addition, Verena has agreed to grant 100,000 incentive stock options (the "IR Stock Options") to The F.I.R.M. to acquire up to an aggregate of 100,000 common shares of the Corporation. The IR Stock Options are exercisable at $0.49 per share, and expire on August 1, 2009. The IR Stock Options are subject to the following vesting schedule: (i) 33,333 options on August 1, 2007, (ii) 33,333 options on February 1, 2008, and (iii) the balance of 33,334 options on August 1, 2008.

The F.I.R.M.'s appointment as an investor relations consultant of Verena and the granting of the IR Stock Options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.

The Corporation also announced today that it has signed an amending agreement (the "Amending Agreement") to the original subscription agreement with Razin Overseas Limited ("Razin") for the previously announced (see press releases issued on February 26, 2007 and March 7, 2007) private placement (the "Placement") of 8,000,000 common shares at a price of $0.55 per common share or an aggregate of $4,400,000 (the "Purchase Price"). The original terms of the Placement were also summarized in the Corporation's Audited Annual Financial Statements and Management's Discussion and Analysis for the year-ended December 31, 2006.

Under the Amending Agreement, the Corporation has agreed to combine the amounts originally payable on June 9, 2007 and September 9, 2007, aggregating $2,200,000, and to permit Razin to make the $2,200,000 payment on or before October 15, 2007. The balance of 4,000,000 common shares issued under the Placement will not be released to Razin until the $2,200,000 payment has been received by the Corporation. All other terms of the original subscription agreement remain in full force and effect.

About Verena Minerals Corporation

Verena Minerals Corporation is exploring for gold along the major mineralized belts of northern Brazil. Verena is focused on expanding and advancing its Volta Grande Gold Project, where a 37,000 metre core drilling program is underway. Verena has a strategic alliance with Kinross Gold Corporation, which owns approximately 7.3 percent of Verena and holds options on the Monte do Carmo and Patrocinio gold projects. Verena also holds the past-producing Bonfim Gold Mine, along with a portfolio of Brazilian diamond and gem properties. Verena trades on the TSX Venture Exchange under the symbol VML and has approximately 97.5 million common shares issued and outstanding.

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

Contact Information

  • Verena Minerals Corporation
    Stephen Shefsky
    President & CEO
    (416) 924-4337