By Sheri Kasprzak
Atlanta, March 23 - Vena Resources Inc. said it has closed a private placement for C$3.5 million in deal C$1.5 million over its originally announced goal.
The company sold 7,526,882 units. Half of the units were sold C$0.45 each and the other half were sold a C$0.48 each for a blended price of C$0.465.
The units include one share and one half-share warrant. For the units sold at C$0.45 each, the warrants provide for an additional share at C$0.65 each for 18 months. For the units sold at C$0.48 each, the warrants are priced at C$0.60 each for 18 months.
The offering was first announced as a C$2 million deal.
Based in Toronto, Vena is a mineral exploration company. The company plans to use the proceeds from the deal for a pre-feasibility study on its Azulcocha poly-metallic mine; to drill targets, confirm historical resources and increase Azulcocha's tonnage; complete the second phase of a drilling campaign on the Azulcocha project; fast track its exploration campaign on its Tantar gold project; conduct ground geophysics and phase I drilling on its Las Princesas property; and launch field confirmation campaigns on three uranium zones in Peru.
| Issuer: | Vena Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3.5 million
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| Units: | 7,562,883
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| Price: | C$0.45 for 3,763,441 units; C$0.48 for 3,763,441 units
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.65 for half of the units; C$0.60 for half of the units
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| Settlement date: | March 23
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| Stock price: | C$0.51 at close March 22
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