Verena Minerals Corporation

Verena Minerals Corporation

February 27, 2007 10:03 ET

Verena Private Placement

TORONTO, ONTARIO--(CCNMatthews - Feb. 27, 2007) - Verena Minerals Corporation ("Verena") (TSX VENTURE:VML) is pleased to announce that it has agreed to complete a private placement ("Placement") for 8,000,000 common shares at a price of $0.55 per common share. The Placement is subject to regulatory approval. The common shares issued under the Placement will be subject to a four (4) month hold period. The proceeds from the Placement will be used to advance exploration and development of its exploration projects and general corporate purposes.

In connection with the Placement, Verena has agreed to pay a cash finders fee of 1% of the gross proceeds raised under the Placement to an arm's length party.

Verena Minerals Corporation is exploring for gold along the major mineralized belts of northern Brazil. Verena is focused on expanding and advancing its 1.7 million ounce 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 8.7 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 89 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 and CEO
    (416) 924-4337