Verona Development Corp. - News Releases - Private Placement Announcement

	October 28, 2005 Private Placement Announcement
	Verona Development Corp. (the "Company") is pleased to report that it has arranged for a non-brokered private placement of up to 10,000,000 units at $0.90 per unit, for an aggregate issue price of up to $9,000,000. Each unit will be comprised of one common share of the Company and one share purchase warrant. One full warrant will be exercisable to purchase one additional common share in the capital of the Company for two years after closing, at a price of $1.20. In the event that the closing price of the Company's shares exceeds $2.00 for a period of 20 consecutive trading days, at the Company's election, the exercise period ("Exercise Period") will be reduced to 30 days commencing on the date following the date the Company mails to the Holder notice of the commencement of the Exercise Period, in which case the Warrants will thereafter expire at 4:30 p.m. (Vancouver Time) on the last day of the 30 day Exercise Period referenced above. Finders fees will be payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange. The proceeds from this financing will be utilized for property expenditures, property investigation and acquisition, and for the Company's general working capital. The proposed private placement is subject to acceptance by the TSX Venture Exchange. 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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