Northern Vertex Mining Corp. (TSXV:NEE) will be proceeding with a private placement equity financing of approximately 7.7 million units, at a price of $0.65 per unit, for total gross proceeds of approximately $5,000,000.
As quoted in the press release:
Each Unit consists of one common share (“Common Share”) of the Company and one-half of one transferable share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.90 for a period of 18 months from the closing date of the Private Placement. The expiry date of the Warrants may be accelerated, at the sole option of the Company, to 30 business days following the date on which the Company gives notice that its common shares have closed for 21 consecutive trading days at a price of $1.40 or greater. Cash finders’ fees within TSX Venture policy guidelines will be paid on a portion of the Private Placement. Completion of the Private Placement is targeted for early September, 2013.
Due to investor interest it is possible the Company will upsize the placement by up to a further 2 million Units. Any upsizing must occur within 30 days and will be disclosed in a subsequent news release.
Northern Vertex Mining Corp. President and CEO, Dick Whittington, said:
We are pleased to see the continued market support for the Company’s plan to reactivate the Moss Mine gold-silver heap leach project. I believe this reflects well on the strength of the Moss Mine Project itself and our ability to implement its development in the foreseeable future. Our immediate goal is to continue with the operations phase of our Phase I – Pilot Plant and to move forward with a feasibility study for Phase II – Operations.