Vendetta Mining Corp. Announces Private Placement First Tranche Close with Resource Capital Funds VI L.P.
Vancouver, BC / TheNewswire / September 14, 2015 - Vendetta Mining Corp. (VTT-TSX: V) ("Vendetta" or the "Company") is pleased to announce that it has closed the first tranche of its private placement announced on September 10, 2015. The Company issued a total of 2,020,000 units at a price of $0.10 per unit for gross proceeds of $202,000 comprised of the Company's Management and Resource Capital Fund VI L.P. ("RCF"). RCF currently holds 32% of Vendetta's Issued and Outstanding Shares and has agreed to maintain its pro rata interest in the Company.
The proceeds of the private placement will be used to advance the development of the Pegmont project including resource development drilling at the newly discovered Burke Hinge Zone (located near surface) and Zone 5 (an area of significantly higher zinc grades), metallurgical test work, property payments and for general working capital. On completion of the drilling and metallurgical programs, the Company intends to update the NI 43-101 Mineral Resource Estimate.
No commissions were paid in association with the closing of the first tranche.
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 and zinc. It is currently focused on advanced stage exploration projects in Australia, the first of which is the recently optioned Pegmont Lead Zinc project. Additional information on the Company can be found at www.vendettaminingcorp.com
Qualified Person
Peter Voulgaris, MAusIMM, MAIG, a Director of Vendetta, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael Williams"
Michael Williams
President & CEO
Forward Looking Information
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
Disclaimer
All statements within, other than statements of historical fact, are to be considered forward looking. Although Vendetta Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: the completion of the full exploration program for which the use of proceeds is geared toward, the accuracy of exploration results, the accuracy of Mineral Resource Estimates, the anticipated results of future exploration, the forgoing ability to finance further exploration, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release and as such, accepts no responsibility for the adequacy or accuracy of this release.
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