Vendetta Mining Closes $2.5 Million Private Placement and Strategic 9.9% Equity Investment by Solitario Exploration and Royalty

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[{"type":"text","content":"Vendetta Mining Closes $2.5 Million Private Placement and Strategic 9.9% Equity Investment by Solitario Exploration and RoyaltyVANCOUVER, BC / ACCESSWIRE / May 5, 2016 / Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that it has closed an oversubscribed private placement announced on March 3, 2016 (and revised April 18th, 2016). The Company issued a total of 50,000,000 units at a price of $0.05 per unit for gross proceeds of $2,500,000, each unit comprising one share and one share purchase warrant exercisable at $0.10 for a period of two years.\nThe financing was increased to facilitate a strategic investment by Solitario Exploration & Royalty Corp. (\"Solitario\"). Solitario is traded on the NYSE under the symbol \"XPL\" and on the Toronto Stock Exchange under the symbol \"SLR\". As a result of its placement, Solitario will now hold 9.97% of the issued and outstanding shares and 11.21% on a fully diluted basis of Vendetta. Assuming exercise of all of the warrants by Solitario, and no other warrants or options are exercised, it would own 18.13% of the common shares of Vendetta. The Company's largest shareholder, Resource Capital Fund VI L.P. (\"RCF\"), will continue to maintain a significant holding in Vendetta with 26.72% of the issued and outstanding shares (39.80% on a fully diluted basis).\nVendetta's President, Michael Williams stated, \"Having Solitario as a strategic partner in Vendetta re-confirms our belief that the Pegmont Lead-Zinc Project is on the right trajectory and provides us with a key Partner as we advance our corporate objectives. Solitario also shares our view on the immediate future of the zinc and lead markets and corresponding opportunities.\" \nThe proceeds of the private placement will be used to advance the development of the Pegmont Lead-Zinc sulphide project. The 2016 program will include metallurgical and resource development drilling at the newly discovered near surface Burke Hinge Zone and within Zone 5 (areas of increasing zinc grade), metallurgical test work, property payments and for general working capital. Drilling will commence Q2, 2016. \nVendetta also intends to update the NI43-101 Mineral Resource Estimate in Q4 2016. The Company will incorporate the proposed 2016 drilling and metallurgical work as well as the results from 6,500 m of drillin...

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