Business
Vendetta Mining Corp. Announces Closing of Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - Vendetta Mining Corp. (TSXV: ...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Mining Corp. Announces Closing of Private Placement of UnitsVancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\"), pursuant to which the Company has completed the issuance of 18,699,974 units (each, a \"Unit\") at a price of $0.05 per Unit for gross proceeds of $934,998.70. Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one non-transferable common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant is exercisable by the holder to acquire one Common Share for a period of 24 months from the date of closing of the Private Placement at a price of C$0.06 per share.In connection with the Private Placement, the Company paid finders' commissions of $9,100. All securities issued pursuant to the Private Placement are subject to a hold period expiring on June 15, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Company intends to use the proceeds of the Private Placement for funding its Pegmont Lead Zinc project activities and for working capital and general corporate purposes.A beneficially owned or controlled by an insider of the Company (the \"Interested Party\") purchased or acquired direction or control over a total of 3,182,400 Units as part of the Private Placement. The placement to such person constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Notwithstanding the foregoing, the directors of the Company have determined that the Interested Party's participation in the Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Private Placement as the details of the participation of Interested Party had not been confirmed at that time.Not for distribution to U.S. news wire services or dissemination...