August 19, 2008
Vena Resources Closes Private Placement
Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) is pleased to announce the closing of a $3.5 million non-brokered private placement through the issuance of 7,000,000 units at a price of $0.50 per unit. Each Unit consisted of one common share and one-half common share purchase warrant with each full warrant entitling the holder to purchase one common share at $0.60 per share for a period of three years from the closing date. A finder's fee of 6% was paid in relation to the private placement. The private placement is subject to regulatory approvals and the securities issued are subject to a four-month hold period. The net proceeds of this private placement will be used for several drill programs (Esquilache and Coal) as well as resource definition at Pucara (Au/Cu), M&A opportunities and general working capital. These new funds will complement the current funding already agreed by Cameco for $10 million dedicated to Uranium exploration and by Glencore's $2.75 million for drill program in Azulcocha West.
About Vena ResourcesVena 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, Energy, Precious Metals and Base Metals. Vena's zinc project, Azulcocha, with an initial NI 43-101 resource estimate of almost 200 million pounds is scheduled to commence production in the fall of 2008. Together with the Company's strategic partners, Cameco and Glencore, Vena will advance its significant portfolio of almost 100,000 hectares this year. Through its board of directors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance relating to Peru and Canada.
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: 79,079,073
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts: Vena Resources Inc. Juan Vegarra Chairman and CEO (416) 364-7739, ext. 120 (416) 364-5400 (FAX) Email: [email protected] Website: www.venaresources.com Equicom Group Joanna Longo (416) 815-0700, ext. 233 Email: [email protected]
SOURCE: Vena Resources Inc.