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Vendetta Mining Announces Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2020) - Vendetta Mining Corp. (TSXV: VTT) ("Vendetta" or the "Company") is pleased to announce a non
About this update from Vendetta Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 11, 2020) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 11,000,000 units (the \"Units\") at a price of $0.05 per Unit for gross proceeds of $550,000. Each Unit will be comprised of one common share and one common share purchase warrant exercisable for three years at a price of $0.075 per share. The private placement is subject to the approval of the TSXV and the securities will be subject to a four-month hold period under securities laws. Net proceeds from the financing will be used to advance the development of the Pegmont Lead-Zinc project and for general working capital. Finder's fees of up to 7% cash or 7% shares may be payable in this private placement. About the Pegmont Lead Zinc Project Vendetta's 100% owned Pegmont Lead Zinc Project is situated in the Mount Isa - McArthur Mineral Province, Australia which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several significant lead-zinc-silver mines. The current Mineral Resource Estimate at the Project: Indicated 5,758 Kt @ 6.5% Pb, 2.6% Zn, 11 g/t Ag Inferred 8,277 Kt @ 5.1% Pb, 2.8% Zn, 8 g/t Ag The results of a Preliminary Economic Assessment (\"PEA\") on Pegmont were released by the Company by news release dated January 28, 2019. The PEA outlined a 10-year mine plan that generates a strong economic return with a (base case) pre-tax IRR of 32% (after tax 24%) and NPV8% of $201M ($128M after tax) using long term consensus metal prices of $0.91/lb lead, $1.09/lb zinc and $16.50/oz silver and a US$:A$ exchange rate of $0.75. The PEA indicated a strong sensitivity to metal prices and US$:A$ exchange rate with a pre-tax IRR of 37% (after tax 27%) and NPV8% of $249M ($158M after tax), using metal prices as of January 22, 2019 of $0.91/lb lead, $1.18/lb zinc and $15.30/oz silver and a US$:A$ exchange rate of $0.71. The PEA identified further project enhancements and Vendetta has identified several high priority exploration targets. About Vendetta Mining Corp. Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead and zinc. It is currently focused on advancing the Pegmont Lead Zi...