Goldnev Resources Inc. announces private placement financing

CALGARY, March 31 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX Venture Exchange - "GNZ"), announces that it is proposing to complete a non-brokered private placement financing of up to a maximum of 20,000,000 Units at $0.05 per Unit for gross proceeds of up to $1,000,000 (the "Offering"). Each Unit will consist of one common share and one common share purchase warrant. Each full warrant entitles the holder thereof to purchase one common share of the Corporation at a purchase price of $0.08 for twelve months from relevant closing of the sale of Units.

The proceeds from the private placement will be used to pay for a well recompletion on its Turner Valley property and to finance the acquisition of additional working interests and funding for the preparation of the pre-feasibility study on the Company's Pasquia Hills oil shale project as well as for general corporate purposes.

The proposed private placement transaction is subject to the approval of the TSX Venture Exchange and all securities issued will be subject to a standard four-month hold period.

The Company also reports that is has received conditional acceptance of the recently announced closing of both its non-brokered private placement and convertible debenture financings.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

    
    About Goldnev
    -------------
    

Goldnev Resources Inc. is a public energy company focused on conventional and unconventional oil and gas production with assets in northeastern British Columbia, southwestern Alberta and an oil shale development project in east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ."

Anyone wishing to be added to the Corporation's news release recipients list may forward an e-mail request to [email protected].

For further information: on Goldnev, please visit our website at www.goldnevresources.com, or email at [email protected] or contact: Mr. Marc Dame, President and Chief Executive Officer, Goldnev Resources Inc., Telephone: [phone], Facsimile: [phone], E-mail: [email protected], Suite 485, 708 - 11th Avenue S.W., Calgary, Alberta, T2R 0E4