Vena Resources Closes Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 09/27/10 -- Vena Resources Inc. ('Vena' or the 'Company') (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) is pleased to announce that it has closed a $400,000 non-brokered private placement through the issuance of 2,000,000 units at a price of $0.20 per unit of which 900,000 units were purchased by Juan Vegarra, Chairman and CEO and 50,000 units were purchased by Andres Tinajero, CFO. Each Unit consists of one common share and one common share purchase warrant with each warrant entitling the holder to purchase one common share at $0.30 per share for a period of 18 months from the closing date.
The private placement is subject to regulatory approvals and the securities issued are subject to a four-month hold period. The proceeds of this private placement will be used for the completion of two NI 43-101 reports and general working capital. These new funds will complement the current funding already agreed by Cameco dedicated to Uranium exploration, by Trafigura to advance the Azulcocha mine towards production and by Goldfields towards the exploration of Amantina.
In other news, the Company would like to encourage investors to visit Vena's page on Facebook a communication channel more appropriate for project updates and dynamic information dissemination complementary to information on the Company's web site.
About Vena Resources
Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Clean Energy, Precious Metals and Base Metals. Together with the Company's strategic partners, Cameco, Gold Fields and Trafigura, Vena will advance its significant portfolio of almost 80,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.
For further information on Vena Resources, please visit the Company website at www.venaresources.com.
Statements in this press release regarding the Company's business which are not historical facts are 'forward-looking statements' that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Shares Outstanding: 92,925,645
Fully-Diluted: 108,749,679
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
jvegarra@venaresources.com
Vena Resources Inc.
Andres Tinajero
Chief Financial Officer
(416) 361-2838
atinajero@venaresources.com
www.venaresources.com