Vega Mining, Inc. announced that it has closed the non-brokered private placement previously announced Nov. 25, 2013.
In a release on Feb. 18, the Company said a total of 3,140,000 units will be issued as non flow-through units at a price of $0.05 per unit for total proceeds of $157,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for 18 months from the date of closing.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring June 14, 2014. The proceeds of the private placement will be used for general working capital.
Insiders participated in the private placement include: Archie Boyce 400,000 units. Finders' fees: Haywood Securities Inc. - $5,000 cash and 100,000 Broker warrants and EMD Financial Inc. - $1,500 cash and 30,000 Broker Warrants.
Each Broker Warrant is convertible into units of the Company at an exercise price of $0.05 until expiration on Aug. 14, 2015. Each unit comprises one share and one warrant exercisable at $0.10 per share for 18 months from the date of closing.
Vega Mining is a Canadian junior exploration company focused on discovering gold and graphite deposits in politically safe jurisdictions.
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