VENTANA ANNOUNCES $3.36 MILLION PRIVATE PLACEMENT AND APPOINTMENT OF VICE PRESIDENT, EXPLORATION
Vancouver, B.C., February 12, 2009 – Ventana Gold Corp. (TSX: VEN) (“Ventana” or “the Company”) has arranged for a non-brokered private placement of up to six million units (the “Non-Brokered Units”) at a price of $0.56 per unit for total proceeds of up to $3.36 million (the “Non-Brokered Offering”). Each Non-Brokered Unit consists of one common share and one transferable share purchase warrant (a “Non-Brokered Warrant”). Each whole Non-Brokered Warrant entitles the holder to purchase one common share at a price of $0.90 per common share for a period of two years following the closing of the Non-Brokered Offering.
Net proceeds from the transaction will be used to advance exploration at the Company’s La Bodega property in Colombia and for working capital. Closing of the transaction is subject to regulatory approvals. A finder’s fee is payable on the transaction.
Management Appointment
Ventana is also pleased to announce the appointment of Jon Lehmann to the position of Vice President, Exploration. Mr. Lehmann is a Licensed Professional Geologist in the state of Washington and a qualified person as defined by NI-43-101. He has more than 25 years of mineral exploration experience in the Americas working for large and small cap companies including Cyprus Metals, Amax Gold, Echo Bay Mines and Minera Andes. Mr. Lehmann first visited the California-Vetas district in 1993 and has directed Ventana’s exploration program from inception. He has a Bachelor of Science degree in Geology from Washington State University.
About Ventana
Ventana holds rights to 4,518 hectares of exploration property in the California-Vetas gold district in Colombia, of which 3,710 hectares are wholly owned with the remainder under option to acquire a 100% interest. Ventana recently completed a 105-hole drill program totalling 25,500 metres at La Bodega, a property lying adjacent to Greystar Resources’ Angostura gold-silver deposit, and plans to complete a 43-101 mineral resource estimate in 2009.
Forward-looking Statements
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Ventana’s latest quarterly report and management discussion and analysis. Ventana assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information please visit http://www.ventanagold.com/or contact:
Meghan Brown, Investor Relations Manager
Phone: (604) 687-1717
Fax: (604) 687-1715
This e-mail was sent to newsrelease@24hgold.com because you asked to receive updates and promotions from Augusta Resource Corp.. to unsubscribe from this mailing list. |
| |
<