Vancouver, British Columbia--(Newsfile Corp. - April 24, 2017) - Vendetta Mining Corporation (TSXV: VTT) ("Vendetta" or the "Company") announces that the Company will be increasing the previously announced $3 million non brokered private placement (see news release 2017 #2 dated April 10th 2017), to $4 million. The terms of the private placement are unchanged from the April 10th announcement. The number of units increase from 15 million to 20 million; each $0.20/unit comprises one common share and one-half of one common share purchase warrant exercisable for two years at a price of $0.30 subject to certain acceleration terms. The closing of the private placement is subject to TSX Venture Exchange approval.
Net proceeds from the financing will be used for the 2017 resource development program at the Company's Pegmont lead-zinc deposit in Queensland, Australia and general working capital. A more detailed description of the 2017 planned program is contained in the April 10th news release.
About Pegmont
The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining centre of Mount Isa, and 25 km west of South32's world class Cannington silver-lead-zinc operation and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation.
Pegmont is a multiple lens, stratiform Broken Hill style deposit that outcrops with an overall shallow dip to the south east and is hosted in a magnetite rich banded iron formation within high grade metamorphic rocks. The Company has, through its programs confirmed Zone 5 is an area of higher grade zinc and multiple mineralized horizons. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company focused on advanced stage exploration and development at the Pegmont Lead Zinc Project in Australia. Vendetta has an option to acquire a 100% interest by completing certain work requirements and making option and advance royalty payments. Additional information on the Company can be found at www.vendettaminingcorp.com
Qualified Person
Peter Voulgaris, MAusIMM, MAIG, a Director of Vendetta, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
