Verona Development Corp. - News Releases - Private Placement

	February 07, 2006 Private Placement
	Verona Development Corp. ("Verona") has been advised that NI 43-101 geological reports are in the final stages of preparation in respect of its two coal bed methane projects in the People's Republic of China, the Shilou North Block Production Sharing Contract and the Zhengzhou Joint Venture Contract. Accordingly, Verona will soon be in a position to make required filings with the TSX Venture Exchange in respect of those projects and to proceed with its previously announced private placement of up to 10,000,000 units at the price of $0.90 per unit to raise up to $9,000,000. Verona has today filed a Form 4A Price Reservation Form with the TSX Venture Exchange to preserve the pricing of the private placement. Each unit will be comprised of one common share and one warrant exercisable to purchase one additional share at the price of $1.20 for two years after closing. Finders' fees will be payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange. The proposed private placement is subject to acceptance of a filing in respect of same by the TSX Venture Exchange. Net proceeds from the private placement will be used to fund property expenditures, to create a reserve for additional property investigations and acquisitions, and for general working capital. On behalf of: Verona Development Corp. Juraj Adamec, President For further information, please contact Verona Development Corp. at 604-688-2008. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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