Vendetta Mining Investment – Australia
On May 5, 2016, Solitario made a strategic 9.97% equity investment in Vendetta Mining Corp. Solitario purchased 7,240,000 units of Vendetta for total consideration of Cdn$362,000. Each unit consists of one common share priced at Cdn$0.05 per share and one full warrant with a two-year term and exercisable at Cdn$0.10. The strategic investment was made pursuant to a non-brokered private placement by Vendetta totaling Cdn$2.5 million. In Q3 2017, Solitario exercised all of its warrants in Vendetta and currently has 11.0 million shares of Vendetta and no warrants.
Vendetta’s Pegmont Lead/zinc/silver Deposit
Vendetta owns the Pegmont lead/zinc deposit located in northwest Queensland, Australia. It is situated approximately 175 km southeast of Mount Isa, 130 km south-southeast of Cloncurry and 700 km west-southwest of Townsville. Within 30 km of the property, there are a number of producing mines in the area, including, BHP Billiton’s Cannington Silver Lead Zinc Mine, Chinova’s Osborne Copper-Gold operations and Starra Gold-Copper Mine.
For additional information on the Pegmont project please click here.