Vendetta Mining Corp. has said it is increasing its previously announced private placement from 10,000,000 units to 15,000,000 units to raise $750,000 and has closed a first tranche of the offering.
The company noted that under the first tranche of the private placement, a total of 10,615,000 units are being issued at a price of $0.05 per unit for gross proceeds of $530,750.
Vendetta Mining said the net proceeds from the financing will be used to advance the development of the company's 100% owned Pegmont Lead-Zinc project and for general working capital.
READ: Vendetta Mining inks option deal to buy the Killer Bore zinc concession in Australia
Each unit in the private placement comprises one Vendetta Mining common share and one half of one common share purchase warrant exercisable for three years at a price of $0.07.
All securities issued and issuable under the private placement are subject to a four-month hold period from the date of closing, in addition to any other restrictions under applicable law.
On August 9, Vendetta Mining announced that it has entered into an option agreement to acquire 100% of the Killer Bore zinc exploration concession, which is 5 kilometres from the company’s 100% owned Pegmont lead-zinc project in Queensland, Australia.
The company noted that the Killer Bore exploration permit includes two non-contiguous blocks totaling 1,550 hectares, with historic drill results that included 4 metres (m) of 8.97% zinc and 0.51% copper from 80m to 84m down hole.
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