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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Northern Vertex Mining Corp | TSXV:NEE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.255 | 0.25 | 0.26 | 0 | 00:00:00 |
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Feb. 21, 2019 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") 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 (the "Private Placement") and has issued an aggregate of 11,112,500 units (each a "Unit") 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 ("Common Share") and one transferable common share purchase warrant ("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.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
President & CEO
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.
Cautionary Note Regarding Forward-Looking Statements:
The information in this news release has been prepared as at February 20, 2019. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms, and include, without restriction, the receipt of TSX Venture Exchange final acceptance of the private placement. More particularly, this release contains statements concerning the closing of the balance of the Private Placement. Accordingly, there is a risk that the Private Placement will not be completely sold, completed within the anticipated time or at all.
This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. To the best of management's knowledge, As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
SOURCE Northern Vertex Mining Corp.
Copyright 2019 Canada NewsWire
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