Vendetta Closes Non-Brokered Private Placement

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[{"type":"text","content":"Vendetta Closes Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 30, 2019) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that it has closed an additional non-brokered private placement of 11,533,332 units (the \"Units\") at a price of $0.09 per Unit for gross proceeds of $1,037,999.88, forming part of a larger offering of up to $1,700,000 in gross proceeds (the \"Private Placement\"). Each Unit comprises one common share and one common share purchase warrant exercisable for three years at a price of $0.13 per share.Together with the proceeds from the non-brokered private placement completed on June 3, 2019, the Company has now raised $1,615,249.87, an amount in excess of the $1,500,000 referred to in the Company's announcement on March 11, 2019.Net proceeds from the financing will be used to advance the development of the Pegmont Lead-Zinc project and for general working capital.Total commissions of $1,600 were paid in connection with the completion of this private placement.Elysium Mining Ltd (\"Elysium\"), a private company controlled by Mr Peter Voulgaris, a director of the Company, acquired 500,000 Units pursuant to the Private Placement and Octavian Capital Corp. (\"Octavian\"), a private company controlled by Mr Michael Williams, CEO, President & a director of the Company, acquired 833,333 Units pursuant to the private placement. Elysium and Octavian's participation are considered to be \"related party transactions\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities, in so far as the Private Placement involves Mr Voulgaris or Mr Williams, exceeds 25% of the Company's market capitalization.The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons and in a timeframe consistent...

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