Vendetta Mining Corp. Closes the Pegmont Pb-Zn-Ag Property Transaction and $2.25 Million Private Placement


Follow this company

Companies Mentioned

TSX.V:VTT
08/27/2014 [ACCESSWIRE]

Vancouver, BC / ACCESSWIRE / August 27th, 2014 / Vendetta Mining Corp. (VTT-TSX:V) (the "Company" or "Vendetta") is pleased to announce that it has received final TSX Venture Exchange ("TSXV") approval for both its previously announced option deal on the Pegmont Lead-Zinc-Silver deposit, in Queensland, Australia and its concurrent private placement (see news release #1 dated August 11th 2014)

The Company has initiated the payment of the initial option payment of A$250,000 to Pegmont Mines Ltd (the "Vendor") and the reimbursement of A$300,000 in exploration expenditures by the Vendor that were incurred to meet minimum Queensland Ministry of Mines required work commitments for the current year during the negotiation period. The Company will be completing QA/QC checks and the results will follow.

Pegmont Lead Zinc Deposit

The Pegmont lead-zinc-silver deposit is located 25 km east of BHP Billiton's world class Cannington silver-lead-zinc mine and 28 km north of Chinova Resources' Osborne copper-gold mine. It is proximate to existing infrastructure that includes roads, railhead and natural gas for power generation.

Financing

The Company has closed its over-subscribed non-brokered private placement for aggregate gross proceeds of $2,249,980.46. The Company issued units at $0.26 per unit. Each unit in the private placement is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.35 until August 27, 2017.

In connection with the private placement, the Company has paid cash finder's fees to certain finders for an aggregate amount of $46,982.44, which is equal to 8% of the total subscription amount of the number of units introduced by the finders to the Company.

All securities issued in connection with the Financing will be subject to a four-month hold period expiring on December 28th, 2014.

New Directors

The Company has accepted the resignations of two directors, Rob McLeod and Darryl Cardey.

Their places on the board have been filled with the appointment of Mr. Peter Voulgaris B.Eng.Geol. (Hons), M.Eng.Sci. MAusIMM, a mining professional with over 20 years experience in mine operations, development and business development and Mr. Doug Ramshaw BSc (Hons), ARSM, a geologist and former mining analyst with 20 years' experience in the industry and capital markets.

In addition, Mr. Cale Moodie has been appointed as Chief Financial Officer and Ms. Sheryl Elsdon as Corporate Secretary.

About Vendetta Mining Corp.

Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead, zinc and silver. It is currently focused on advanced stage exploration projects in Australia.

ON BEHALF OF THE BOARD OF DIRECTORS

"Michael Williams"

Michael Williams

President & CEO

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

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

 

SOURCE: Vendetta Mining Corp. 

COMMENTS

Leave a comment...
 * 

Your Name
 *