Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said Monday it is orchestrating a C$1.5 million private placement to advance its Pegmont Lead Zinc project in Australia and is also evaluating the merits of a dual listing on the Australian Stock Exchange.
As part of its offering, the Vancouver company plans to issue up to 12 million units at $0.125 per unit. Each unit will consist of one share and one-half common share purchase warrant at an exercise price of $0.18 for a period of two years following the closing of the financing.
The placement is expected to raise gross proceeds of up to C$1.5 million and net proceeds from the deal will be used to support the development of the company’s Pegmont Lead-Zinc project and general working capital.
Vendetta is betting that its open-pit Pegmont lead-zinc project in the Mount Isa-McArthur mineral area of Queensland, Australia– with significant deposits of lead, zinc and silver – will become one of the world’s most productive base-metal mines.
“This financing will allow the company to complete Queensland government work commitments at Pegmont for 2019, the drilling will focus on expanding the resource around the two Zone 3 underground panels and investigate exploration targets along strike of the high-grade Bridge Zone,” explained Michael Williams, Vendetta’s president and CEO, in a statement.
Given its presence in Queensland, the company is now also considering a dual listing on the ASX to raise its profile within Australia and offer better access to the country’s institutional investors, many of whom are restricted to only investing on the ASX.
Vendetta shares were trading down less than a cent to hit C$0.12 in Canadian trade on Monday morning.
Contact Ellen Kelleher at [email protected]