Business
Vendetta Announces Share Subscription Agreement
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Vendetta Mining Corp. (TSXV...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Announces Share Subscription AgreementVancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that it has entered into a into a C$500,000 share subscription facility (\"SSF\") agreement with Scharfe Holdings Inc. (\"Scharfe\") for a term of 12 months. Such term can be renewed for an additional C$500,000 on the same terms as the original SSF for a period of 12 months at the sole discretion of Scharfe.Under the terms of the SSF, Vendetta may at any time while this agreement is in effect, send a draw down notice to Scharfe specifying the number of units for which Scharfe will have an obligation to subscribe. Each unit will consist of one common share and one common share purchase warrant (each a \"Warrant\"). Each Warrant will be exercisable for a period of three years to purchase one common share at an exercise price equal to a 30% premium to price of the units issued. The subscription price per unit will be equal to the higher of: (i) a discount of 10% to the average closing price of the Company's common shares on the facilities of the TSX Venture Exchange for the 10 consecutive trading days prior to the closing date of the draw down; or (ii) the lowest allowable per unit price under TSX Venture Exchange policies. The draw down process may be repeated as many times as the Company desires during the term of the agreement until the maximum subscription amount of C$500,000 has been subscribed by Scharfe.Proceeds of the SSF will be used exclusively to make principle payments on the Nebari Loan previously announced on May 8, 2019.Scharfe will hold freely trading common shares of the Company through a share lending facility provided by Octavian Capital Corp. and Elysium Mining Ltd., private companies respectively controlled by Company directors Michael Williams and Peter Voulgaris.\"We're very pleased with the agreement announced today as the first of a series of important steps we'll be taking in the coming weeks and months towards the re-payment of the Nebari loan and to achieve our other medium-term objectives at Pegmont\", commented Michael Williams, President and CEO.The SSF and any subsequent share issuances thereunder remain subject to the receipt of applicable corporate and regulatory approvals, including approval from...