By Laura Lutz
Des Moines, Sept. 6 - Verena Minerals Corp. announced that it has arranged a private placement of 7 million shares with Kinross Gold Corp. for total proceeds of C$2.1 million.
Kinross bought the shares for C$0.30 each.
The two companies also entered an option agreement for Verena's Patrocinio gold property in Brazil.
Under the agreement, Kinross can earn up to a 51% interest in the property over 3 years with expenditures up to US$3 million. Kinross will be able to earn a further 14% option with additional expenditures up to US$5 million, for a total interest of 65%.
Verena is a Toronto-based mining company focused on gold projects in Brazil.
| Issuer: | Verena Minerals Corp.
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| Issue: | Stock
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| Amount: | C$2.1 million
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| Shares: | 7 million
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| Price: | C$0.30 million
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| Warrants: | No
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| Investor: | Kinross Gold Corp.
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| Announcement date: | Sept. 6
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| Stock symbol: | TSX Venture: VML
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| Stock price: | C$0.30 at close on Sept. 6
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