Verona Development Corp. - News Releases - Private Placement

	March 09, 2006 Private Placement
	Verona Development Corp. ("the Company") is pleased to announce that it has completed arrangements for the $9,000,000 non-brokered private placement in respect of which a Price Reservation was filed and announced on February 7, 2006. The Company will issue 10,000,000 units at the price of $0.90 per unit to raise $9,000,000. 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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