Business
Vendetta Announces a $1.5 Million Financing and Evaluating Potential Dual Listing on the Australian Stock Exchange
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2019) - Vendetta Mining Corp. (TSXV: ...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Announces a $1.5 Million Financing and Evaluating Potential Dual Listing on the Australian Stock ExchangeVancouver, British Columbia--(Newsfile Corp. - March 11, 2019) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Offering\") for gross proceeds of up to CAD$1.5 million.Private PlacementThe Company plans to issue up to 12 million units at $0.125 cents per unit to raise gross proceeds of $1.5 million (subject to TSX Venture Approval). Each unit will comprise one common share and one-half common share purchase warrant at an exercise price of $0.18 for a period of two years following the closing of the financing.All Shares to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada. All or a portion of this placement could be subject to finder's fees or commissions.The net proceeds of the private placement will be used to advance the development of the Pegmont Lead-Zinc project and general working capital.ASX Dual Listing The Company will commence investigating the merits of a duel listing on the Australian Stock Exchange (\"ASX\"). The Company believes that dual listing on ASX could provide a larger pool of investors to support development funding of the Pegmont Lead-Zinc Project.Michael Williams, Vendetta's President and CEO commented, \"This financing will allow the Company to complete Queensland government work commitments at Pegmont for 2019, the drilling will focus on expanding the resource around the two Zone 3 underground panels and investigate exploration targets along strike of the high-grade Bridge Zone.\"Having successfully outlined the potential economics of Pegmont in the PEA we now feel that duel listing on the ASX could further raise the profile of Vendetta within Australia and offer enhanced assess to Australian institutional investors, many of which are restricted to only investing on the ASX.\"The Company continues to assess options to meet the final payment, a A$3M pre-payment of the royalty to conclude the acquisition of Pegmont.About PegmontThe results of a Preliminary Economic Assessment (\"PEA\") on Pegmont were released by the Company in January 2019 (see Venetta news release dated January 28, 2019). The PEA outlined a 10-year mine plan that generate...