Vendetta Mining Corp (CVE:VTT) announced Thursday it has closed the final tranche of a total $811,572 non-brokered private placement that will help advance the development of its Pegmont Lead-Zinc project in Queensland, Australia.
Under the final tranche of the placement, Vendetta issued 6,326,138 units at $0.04 apiece to raise gross proceeds of $253,045. Each unit was comprised of one common share and one purchase warrant exercisable for three years at a price of $0.06. Together with the proceeds from the first tranche, the Vendetta issued a total of 20,288,188 units.
READ: Vendetta Mining requests upsize to financing as it brings in C$558,482 from closing first tranche
All securities issued are subject to a four-month hold period from the date of closing, in addition to any other restrictions under applicable law.
Vendetta's 100%-owned Pegmont project hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several significant lead-zinc-silver mines.
Vendetta also revealed that Jasmine Lau has resigned as its CFO, with Alastair Brownlow replacing her.
New CFO Brownlow, a senior consultant with Red Fern Consulting Ltd, took over the post on June 23. Red Fern provides the company with accounting services.
Vendetta noted that Brownlow is a Chartered Professional Accountant and a US Certified Public Accountant specializing in resource-focused accounting and finance, and he has accumulated extensive experience working as CFO for TSX-listed exploration, development and production companies.
"We would like to thank Ms. Lau for her contribution to the Company over the last two and a half years and wish her well with her future endeavours,” Vendetta CEO Michael Williams said in a statement. “I would like to welcome Mr. Brownlow to the Company and thank him and Ms. Lau for ensuring a smooth transition."
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