Vendetta Mining Corp. Completes its Initial Public Offering and Lists on the TSX Venture Exchange
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Vendetta Mining Corp. Completes its Initial Public Offering and Lists on the TSX Venture Exchange
October 18, 2010, Vancouver, British Columbia - Vendetta Mining Corp. (the “Company”) is pleased to announce that it has completed its initial public offering (“IPO”) of 2,700,000 common shares, at a price of $0.20 per common share, for aggregate gross proceeds of $540,000.
The TSX Venture Exchange (the “TSXV”) has accepted the Company’s listing application, and the Company’s common shares commenced trading on the TSXV at the opening on October 18, 2010 (Vancouver time) (the “Listing Date”) under the trading symbol “VTT”.
Wolverton Securities Ltd. (the “Agent”) acted as lead agent on the IPO. As consideration for assisting in completing the IPO, the Agent received from the Company: (i) a commission equal to 8% of the gross proceeds of the IPO paid through the issuance of 216,000 common shares at a deemed price of $0.20 per share; (ii) a corporate finance fee of $25,000 (plus applicable taxes), paid as to $5,000 in cash, and the issuance of 100,000 common shares at a deemed price of $0.20 per share (all HST paid in cash), of which 46,000 common shares are subject to a hold period expiring February 14, 2011; (iii) options to acquire an aggregate of 216,000 shares exercisable at $0.20 per share for a period of two years from the Listing Date; and (iv) the Agent’s expenses as incurred.
The Company presently has 11,410,625 common shares issued and outstanding of which the following are restricted:
(i) 3,528,000 shares and 2,028,000 warrants are subject to escrow restrictions, to be released as to 10% on the Listing Date and 15% every six months thereafter;
(ii) 2,970,000 shares and an equal number of warrants are subject to TSXV resale restrictions, to be released as to 20% on the closing date and an additional 20% every month thereafter; and
(iii) 3,924,625 shares and an equal number of warrants are subject to TSXV resale restrictions, to be released as to 20% on the closing date and an additional 20% every three months thereafter, all as described in the Company’s IPO prospectus filed on SEDAR.
The Company’s CEO, Michael J. Williams, states, “We appreciate the interest in the Initial Public Offering of Vendetta Mining Corp., and look forward to creating shareholder value as a publicly listed company through the commencement of an exploration program on our Honeymoon East Property.”
The board of directors consists of Michael J. Williams (CEO, President, Secretary), Robert McLeod (CFO), Darryl S. Cardey and Jeffrey R. Sundar.
The Company announces it has granted 1,050,000 incentive stock options (the “Options”) effective on the Listing Date. The Options are exercisable at $0.20 per share for a period of five years.
The Company’s Prospectus and material information is available for review on SEDAR.
ON BEHALF OF THE BOARD
“Michael J. Williams”
CEO, President, Secretary and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.