VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 18, 2014) - Vega Mining Inc. (Vega) (TSX VENTURE:VMI) is pleased to announce that it has closed the non-brokered private placement previously announced November 25th 2013.
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 14th 2014. The proceeds of the private placement will be used for general working capital.
The following insiders participated in the private placement: 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 August 14th 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 Inc. Inc. (TSX VENTURE:VMI) is a Canadian junior exploration company focused on discovering gold and graphite deposits in politically safe jurisdictions.
On behalf of the board of VEGA MINING INC.
Archie Boyce, President
"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 release."
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible.