Vendetta Mining Closes $2.5 Million Private Placement

Vendetta Mining (TSXV:VTT) has closed a private placement for proceeds of $2.5 million. The financing was increased to facilitate a strategic investment by Solitario Exploration and Royalty (TSX:SLR).
As quoted in the press release:

As a result of its placement, Solitario will now hold 9.97% of the issued and outstanding shares and 11.21% on a fully diluted basis of Vendetta. Assuming exercise of all of the warrants by Solitario, and no other warrants or options are exercised, it would own 18.13% of the common shares of Vendetta. The Company’s largest shareholder, Resource Capital Fund VI L.P. (“RCF”), will continue to maintain a significant holding in Vendetta with 26.72% of the issued and outstanding shares (39.80% on a fully diluted basis).
The proceeds of the private placement will be used to advance the development of the Pegmont Lead-Zinc sulphide project. The 2016 program will include metallurgical and resource development drilling at the newly discovered near surface Burke Hinge Zone and within Zone 5 (areas of increasing zinc grade), metallurgical test work, property payments and for general working capital. Drilling will commence Q2, 2016.
Vendetta also intends to update the NI43-101 Mineral Resource Estimate in Q4 2016. The Company will incorporate the proposed 2016 drilling and metallurgical work as well as the results from 6,500 m of drilling completed in the Burke Hinge Zone and Zone 5 since the February 2014 initial NI43-101 Mineral Resource Estimate on Zones 1 to 4.

Click here for the full press release.