A total of 380,000 units will be issued as non flow-through units at a price of $0.05 per unit for total proceeds of $19,000. 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 and one day expiring September 9th, 2014. The proceeds of the private placement will be used for general working capital.
The Company previously announced April 14th 2014 that it had closed the first tranche totaling 1,725,000 units, with the same terms as above, for gross proceeds of $86,250. Shares, warrants and any shares issued upon exercise of the warrants under this tranche are subject to a hold period of four months expiring August 12th 2014.
Vega Mining Inc. is a Canadian junior exploration company focused on discovering gold and graphite deposits in politically safe jurisdictions.
