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Venga raises $215,000 (U.S.) in second tranche

2006-12-18 10:07 ET - News Release

Mr. Hirsh Kwinter reports

VENGA CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Venga Aerospace Systems Inc. has completed the second tranche of its non-brokered private placement reported in Stockwatch on Nov. 14, 2006, through the issuance of 4,784,610 common shares priced at five cents for gross proceeds of $215,000 (U.S.). The securities issued pursuant to this second tranche of the private placement have a four-month resale restriction that expires on April 18, 2007. Venga anticipates closing the last tranche of the private placement before the end of the current week. The company will use the proceeds of this second tranche as a further payment toward Venga's agreed-upon capital contribution to the company's new, 3DP North America joint venture.