Northern Vertex Mining Corp. (TSX-V:NEE) is pleased to announce that the previously announced non-brokered private placement is further oversubscribed and closed at $2.86 million. The Private Placement was initially anticipated to be up to $1.5 million but due to strong investor interest closed at $2.86 million.
The Company has issued 13,015,000 units at a price of $0.22 per Unit for total gross proceeds of $2,863,300. Cash finders fees to arm’s length parties of 6%, totaling $115,482 will be paid on a portion of the Private Placement. Each Unit consists of one common share of the Company and one transferable share purchase warrant. Each whole Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.45 until July 8, 2017.
The Company intends to use the net proceeds of the Private Placement for the advancement of the Company’s Moss Mine Gold-Silver earn-in property located in Mohave County, NW Arizona, USA and general corporate purposes. All of the securities issued today pursuant to the Private Placement will have a hold period which expires November 9, 2015. All amounts quoted are in Canadian dollars.
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 securities in the United States.
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has the right to earn-in to a 70% property interest through a Joint Venture with Patriot Gold Corp. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 370 meters below surface. It is a potential heap leach, open-pit project being advanced to the Feasibility Study stage to ensure that technical, economic, permitting and funding requirements are met prior to proceeding with the development of the mine. 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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