Northern Vertex Mining Corp. (TSX-V:NEE) (OTC-Nasdaq Intl.: NHVCF) is pleased to announce the closing of its non-brokered private placement as previously announced on March 13, 2018, raising gross proceeds to the Company of $2,404,000.
The Company has issued an aggregate of 4,623,076 units at a purchase price of $0.52 per Unit. Each Unit consists of one common share of the Company and one-half of a non-transferable common share purchase warrant. Each Warrant has a term of two years and entitles the holder to acquire one common share of the Company at an exercise price of $0.68 until April 27, 2020. Cash finders’ fees of 6% on a portion of the gross proceeds raised under the Private Placement, totaling $102,120, will be paid to certain finders at arm’s length to the Company.
The Company intends to use the net proceeds of the Private Placement to conduct an exploration program in the Oatman District and for general working capital purposes. All securities issued under the in the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on August 27, 2018.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.
The Company also announces that it has issued a total of 200,000 common shares to La Cuesta International Inc. pursuant to the advisory agreement as announced on October 16, 2017. The common shares are subject to a hold period under applicable Canadian securities laws expiring on August 6, 2018.
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Company’s management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
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We acknowledge the [financial] support of the Government of Canada.