VENDOME RESOURCES CORP. (Vendome or Company) (VDR)(frankfurt:9VR), a Toronto, Canada based minerals exploration company with key exploration assets in Guerrero State, Mexico and the Borden Lake Gold District, Ontario, Canada, is pleased to announce that it is offering a non-brokered private placement for up to 10,000,000 units ("Unit") at a price of $0.05 per Unit, for gross proceeds of up to $500,000. Each Unit consists of one common share (Share) and one common share purchase warrant (Warrant). Each Warrant entitles the holder to purchase one Share of the Company at a price of $0.10per Warrant Share for a period of 18 months from the Closing Date, subject to an acceleration clause. Early expiration of the Warrants could occur once the Units are free from statutory resale restrictions and the Common Shares are trading at a price greater than $0.15 for a period of 15 consecutive trading days ("Acceleration Period"). Subsequent to this Acceleration Period, the Corporation may accelerate the expiry of the Warrants by providing written notice to Warrant holders within ten (10) subsequent trading days outlining the Warrants will expire on the 30th calendar day after such notice is given to Warrant holders.
Proceeds from the financing will be used primarily to commence exploration programs at our Ivanhoe Lake Property, located in the Borden Lake Gold District, and at our Guerrero Mexico Property and for general administration. All securities issued under the private placement will be subject to a four month hold period from the Closing and is subject to approval from the Exchange.
ABOUT VENDOME: Vendome is a mineral exploration company located in Toronto, Canada. Our primary focus is to advance our flagship properties, San Javier, La Diana and San Miguel, located in the heart of the Sierra Madre del Sur precious metals belt, in the State of Guerrero, Mexico. The three properties encompass an area of over 17,000 hectares and have reported high grade silver samples of up to 15,000 g/t. Vendome also owns minerals claims in the center of the Borden Lake Gold District in Ontario, Canada, known as our Ivanhoe Lake Property. Recently, Probe Mines Inc. (PRB) made a major gold discovery in the Borden Lake Gold District, within the Kapuskasing Structural Zone (KSZ), which is located 60 kilometers southwest of our wholly-owned Ivanhoe Lake claims. Ivanhoe Lake is situated in the KSZ, shares the same geological formation with Probe and is on strike with Probes multi-million ounce gold deposit. Ivanhoe Lake has emerged as a new focus area for our team. Vendome Resources Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF THE BOARD OF DIRECTORS OF VENDOME RESOURCES CORP. W. John Priestner President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements:
Neither 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 news release contains "forward-looking information" including statements with respect to the future exploration performance of the Corporation. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements of the Corporation, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Corporation's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Corporation. Forward-looking information contained herein is provided as of the date of this news release and the Corporation disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.
Contact: Vendome Resources Corp.
Robert Chisholm Director (647) 932 – 1604
