Madalena Ventures Inc. has closed its previously announced private placement financings for aggregate gross proceeds of approximately $7.25 million through the issuance of:

(a) 11,765,000 common shares issued as CEE "flow-through shares" within the meaning of the Income Tax Act (Canada) at a price of $0.34 per share for gross proceeds of $4.00 million (the "Brokered Private Placement") by way of "bought deal" private placement, pursuant to an underwriting agreement between Dundee Securities Ltd.; and

(b) (i) 200,000 common shares at a price of $0.31 per share; (ii) 4,780,000 common shares issued as CDE "flow-through shares" within the meaning of the Income Tax Act (Canada) at a price of $0.32 per share; and (iii) 4,886,765 common shares issued as CEE "flow-through shares" within the meaning of the Income Tax Act (Canada) at a price of $0.34 per share (collectively, the "Non-Brokered Private Placement") for gross proceeds of $3.25 million. and together with the Brokered Private Placement, the "Private Placement").

Tags: Madalena Ventures Inc.