January 10, 2006 - Toronto , Ontario - Vena Resources Inc. (TSX.V: VEM, LIMA: VEM, Frankfurt: V1R, OTC-BB: VNARF) is pleased to announce that it has completed the first phase of the financing announced December 19th. The financing originated slated to be for $500,000 has been over-subscribed and increased to $1 million. In the first phase, the Company received subscriptions totaling $638,750.50 for a total of 1,277,501 units. Each unit was priced at $0.50 and comprised one common share and one-half common share purchase warrant exercisable at $0.75 for a period of 12 months post the closing date. Additional subscriptions have been received and the balance of financing and the total amount will be announced when closed. The securities issued on closing each phase are subject to a four-month hold period and the private placement is subject to regulatory approvals. A finder’s fee was paid to certain parties at the discretion of the Company. The net proceeds of the offering will be used for exploration work on Vena’s properties and for general working capital purposes.
For further information please contact:
Juan Vegarra
President & Director
T: (416) 364-7739, ext. 120
E: jvegarra@venaresources.com
Denis Clement
Director
T: (416) 364-1909
E: dclement@venaresources.com
The TSX Venture Exchange does not accept the responsibility for the adequacy or accuracy of this release. 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.
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