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Vendetta Secures 100% Interest in Pegmont Lead-Zinc Project

Mining News - Published on Fri, 12 Jul 2019

Image Source: MicroSmallCap
Vendetta Mining Corp announced that the Company completed all payments to the vendor of the Pegmont Lead-Zinc project on May 9,2019, at which time the sale to Vendetta of the Project completed and Vendetta is now the owner of the Pegmont tenements. The formal transfer to update the legal title to the exploration permit and three mining leases that comprise the project is now in progress. To hasten the transfer processes, in December 2018, the Company obtained indicative approval for the titles transfer from the Department of Natural Resources, Mines and Energy. It is expected that transfer of legal title will be completed in the next few weeks.

The Company has closed the first tranche of the previously announced private placement. In the first tranche, the Company issued a total of 5,772,500 units at a price of USD 0.10 per Unit for gross proceeds of USD 577,250. Each Unit comprises one common share and one-half of one common share purchase warrant exercisable for two years at a price of USD 0.15. The Company expects to close the balance shortly. Net proceeds from the financing will be used to advance the development of the Pegmont Lead-Zinc project and general working capital. Total commissions of USD 1,600 were paid in association with the proceeds of this private placement.

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Posted By : Sanju Moirangthem on Fri, 12 Jul 2019
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