Northern Vertex Mining Corp. (TSX-V: NEE) (OTC Nasdaq Intl.: NHVCF) is pleased to announce that further to its press release dated February 19, 2019, it has closed the initial tranche of its oversubscribed non-brokered private placement and has issued an aggregate of 11,112,500 units at a purchase price of CAD$0.24 per Unit for gross proceeds to the Company of US$2,020,000. Each Unit consists of one common share and one transferable common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at an exercise price of CAD$0.40 per share until February 21, 2021. Cash finder’s fees to arm’s length parties totaling US$120,136 have been paid on this portion of the Private Placement.
The final tranche of the Private Placement to raise approximately a further US$580,000 by the issuance of approximately an additional 3,333,333 Units is expected to close shortly, for approximate aggregate total gross proceeds to Northern Vertex under the Private Placement of US$2,600,000. The Company will announce the closing of the final tranche upon completion.
The net proceeds of the Private Placement will be used to fund the continued ramp up of mining operations at the Moss Mine, NW Arizona and for working capital and general corporate purposes. All securities issued pursuant to the Private Placement are subject to a four month hold period under applicable securities laws in Canada, ending on June 22, 2019. The Private Placement is subject to the final acceptance of the TSX Venture Exchange.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any State Securities Laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act. This release does not constitute an offer for sale of securities in the United States.
About Northern Vertex
Northern Vertex Mining Corp., the newest gold producer in the US, is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex’s corporate goal is to become a mid-tier gold producer with over 200,000 ounces of gold production annually.
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