Business
Vendetta Announces $4.7 Million Investment by Singapore J&Y Investment PTE. Ltd.
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2021) - Vendetta Mining Corp. (TSXV...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Announces $4.7 Million Investment by Singapore J&Y Investment PTE. Ltd.Vancouver, British Columbia--(Newsfile Corp. - December 9, 2021) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that Singapore J&Y Investment Pte. Ltd. (the \"Investor\") has agreed to make an investment in Vendetta for a total of $4,772,000. The Company and Investor intend that the investment will occur by way of non-brokered private placement (the \"Private Placement\") anticipated to close in two tranches.The first tranche of the Private Placement will be comprised of 5,454,545 common shares (each, a \"Share\") of the Company at a price of $0.055 per Share, for gross proceeds of $300,000. The second tranche of the Private Placement will be comprised of 54,206,060 Shares at a price of $0.0825 per Share, for gross proceeds of $4,472,000. In aggregate, the Private Placement will be comprised of a total of 59,660,605 Shares for gross proceeds of $4,772,000. Following closing of the Private Placement the Investor will hold approximately 19.89% of the issued and outstanding Shares of the Company. Closing of the first tranche of the Private Placement is subject to customary closing conditions, including the approval of the TSX Venture Exchange (the \"Exchange\"). Closing of the second tranche of the Private Placement will be subject to customary closing conditions, including Exchange approval, approval by the Australian Foreign Investment Review Board and the Investor's satisfactory completion of due diligence. The Company anticipates that these approvals could take up to 90 days. The Shares issued pursuant to the Private Placement will be subject to a four-month hold period from their date of issuance in accordance with applicable Canadian securities laws.In connection with the Private Placement the Company and the Investor have entered into an investor rights agreement (the \"Investor Rights Agreement\"). Pursuant to the terms of the Investor Rights Agreement, upon closing of the second tranche of the Private Placement the Investor will be granted the right to nominate a director to the board of the Company, certain information rights and the right to participate in future financings of the Company in order to maintain its then current percentage interest up to 19.9%, in each case for so long as the Inv...