Vena Resources Closes $546,000 Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 10/08/10 -- Vena Resources Inc. ('Vena' or the 'Company') (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) announces that it has closed a $546,000 non-brokered private placement through the issuance of 2,373,915 units at a price of $0.23 per unit. Each unit comprised one common share and one common share purchase warrant with each common share purchase warrant entitling of holder to purchase one common share at $0.35 per share for a period of 18 months from the closing date (the 'Units'). In connection with the private placement, the Company paid a 6% commission in cash of $27,600 and issued 120,000 broker warrants entitling the holder to purchase that number of Units at a price of $0.23 per Unit.
The private placement is subject to regulatory approvals and the securities issued will be subject to a four-month hold period. The proceeds of this private placement will be used for 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.
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.
Shares Outstanding: 95,299,560
Fully-Diluted: 119,696,637
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