Verena closes private placement

Verena Minerals Corporation has closed the private placement with Sprott Asset Management for aggregate gross proceeds of $1,000,000.

The Placement consists of the issuance of 3,333,333 units at a price of $0.30 per Unit. Each Unit consists of one common share of Verena and one-half of one common share purchase warrant with each whole Warrant being exercisable to acquire one further common share of Verena at a price of $0.45 for a period of 18 months from closing.

In connection with the Placement, the Company agreed to pay D & D Securities Company a cash fee of 6% of the gross proceeds raised through the Agent under the Placement and also to issue broker options to acquire up to that number of Units as is equal to 6% of the total number of Units issued through the Agent, exercisable at $0.30 each for a period of 18 months from closing.

The proceeds from the Placement will be used to partially fund a planned 10,000 metre in-fill drill program on the Volta Grande property. The Company recently announced an updated resource estimate on Volta Grande, including 400,000 ounces of indicated resources (33.5 million tones at 0.92 grams per tonne (g/t)) and 1,629,000 inferred ounces of gold (54.5 million tones at 0.93 g/t) using a 0.5 g/t cut-off.

The securities underlying the Units, including the common shares and Warrants issued on closing and the common shares issuable upon due exercise of the Warrants and Compensation Warrants, will all be subject to a four month statutory hold commencing from the date of issuance. The Placement is subject to TSX Venture Exchange acceptance of requisite regulatory filings.

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