Vendetta Mining arranges $1.5-million private placement

Sep 10, 2015

VENDETTA MINING CORP. ANNOUNCES A $ 1,500,000 NON-BROKERED PRIVATE PLACEMENT

Vendetta Mining Corp. intends to carry out a non-brokered private placement of up to 15 million units of the company at a price of 10 cents per unit for gross proceeds of up to $1.5-million.

Each unit will comprise one common share and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the company at a price of 13 cents per share for a period of three years. All securities issued in connection with the financing will be subject to a four-month hold period.

The proceeds of the private placement will be used to advance the development of the Pegmont project, including resource development drilling at the newly discovered Burke Hinge zone (located near surface) and zone 5 (open in all directions), metallurgical testwork, property payments and for general working capital. On completion of the drilling and metallurgical programs, the company intends to update the NI 43-101 mineral resource estimate.

Over 6,500 metres of drilling has now been completed since the February, 2014, NI 43-101 mineral resource estimate.

      DRILLING HIGHLIGHTS FROM THE BURKE HINGE 
                   ZONE AND ZONE 5 

Bore hole           Interval (m)      Pb (%)   Zn (%)

Burke Hinge zone                          
PVR018                      5.0        6.86     2.85    
PVR019                      6.0        8.48     4.21    
PVR021                      9.0        5.58     3.94    
and                         6.0        6.98     3.13    
Zone 5                                    
PVRD017                     4.0        5.83    11.34   
PVRD013                     8.8        8.73     3.99    
PVRD010                     4.2        6.29     5.64    
PMR282                      9.0        6.35     6.88    
PMR290                      9.0        5.30     3.11    
PMR294                     10.0        4.77     3.91    
PMRD141                     6.6        8.11     4.57    

These drilling highlights are not included in the 
current NI 43-101 mineral resource estimate.

True widths are estimated at 90 to 100 per cent of 
the downhole intersection length.

For full details about the drilling results, please see the company’s previous new releases on Oct. 15, 2014, Jan. 28, 2015, and Feb. 10, 2015.

A commission may be paid to certain parties who introduce the offering to qualified investors. Closing the offering is subject to customary closing conditions, including, but not limited to, the negotiation, execution of definitive placement agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.

http://vendettaminingcorp.com/news-releases/