Business
Vendetta Announces Closing of Second Tranche of $4.7 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Vendetta Mining Corp. (TSXV...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Announces Closing of Second Tranche of $4.7 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that the Company has closed the second tranche of its non-brokered private placement announced on December 9, 2021 (the \"Private Placement\"). Under the second tranche, the Company issued 54,206,060 common shares (each, a \"Share\") of the Company at a price of $0.0825 per Share to Singapore J&Y Investment PTE. Ltd. (the \"Investor\") for gross proceeds of $4,472,000. The Shares are subject to a four month and one day hold period expiring on July 25, 2022.As disclosed in the Company's news release dated March 23, 2022, the Company utilized US$1,806,492 of the proceeds from the second tranche of the Private Placement to retire the remaining outstanding balance of the loan from Nebari Holdings LLC. The Company intends to use the remainder of the proceeds from the Private Placement for general working capital purposes. No finder's fees were paid under the second tranche of the Private Placement.Closing of the first tranche took place on December 20, 2021, pursuant to which the Company issued 5,454,545 Shares at a price of $0.055 per Share to the Investor for gross proceeds of $300,000. Under the first and second tranches of the Private Placement the Company issued an aggregate of 59,660,605 Shares to the Investor for aggregate gross proceeds to the Company of $4,772,000. For additional details regarding the Private Placement, please refer to the news releases of the Company dated December 9, 2021 and December 21, 2021 available on the Company's website as well as the SEDAR profile of the Company on www.sedar.com.In connection with the Private Placement, the Company and the Investor entered into an investor rights agreement (the \"Investor Rights Agreement\") as further described in the news release of the Company dated December 6, 2021. Pursuant to the terms of the Investor Rights Agreement, upon closing of the second tranche of the Private Placement the Investor exercised its right to nominate a director to the board of the Company (the \"Board\") and as such, Mr. Li Jiang has been appointed to the Board.About Singapore J&Y Investment PTE. LTD.Singapore J&Y Investment PTE. Ltd. (\"J&Y...