Vena Resources Clarifies Information on Azulcocha West and Provides Additional Information on the Private Placement
TORONTO, ONTARIO, Nov. 17, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/17/09 -- Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) (the "Company") issued a press release on November 16, 2009 indicating that an internal review by the project's geologists on the results of the 7,000 meter drill program estimate that a portion of the Azulcocha West property may contain in excess of 785,000 tonnes of polymetallic mineralization. The Company reminds investors that the polymetallic mineralization discussed is a potential target and that there has not been sufficient exploration to define a mineral resource and further that it is uncertain whether further exploration will result in a discovery of a mineral resource. The Company plans to hire an independent Qualified Person after the current drill program is completed with expectations to provide a NI 43-101 compliant report.
The Company is also providing additional information to its press release issued on November 13, 2009 that announced the completion of a private placement with Byron Securities Limited ("Byron Securities") for gross proceeds of $2,269,400 through the issuance of 7,564,668 units at a price of $0.30 per unit of which 266,000 units were purchased by insiders of the Company. A "gypsy swap" transaction closed concurrently with the private placement whereby an existing, non-insider shareholder sold 2,000,000 common shares of the Company to Canaccord Capital Corporation and then bought the same number of common shares under the private placement. As compensation, Byron Securities received a 1.5% cash commission and 130,000 broker warrants for the sale of the 2,000,000 units purchased as part of the private placement and a party not related to Byron Securities received $30,000 in cash commissions representing a 5% finder's fee.
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: 88,098,949
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Vena Resources Inc.
Chairman & CEO
(416) 364-7739, ext. 120
Source: Marketwire (November 17, 2009 - 5:45 PM EST)
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