Deal funds Moss project, feasibility study, general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 28 - Northern Vertex Mining Corp. said it will raise about C$5 million in a private placement of units. The deal has a C$1.3 million greenshoe.
The company will sell about 7.7 million units of one common share and one half-share warrant at C$0.65 per unit.
Each whole warrant is exercisable at C$0.90 for 18 months. The strike price is a 38.46% premium to the Aug. 27 closing share price of C$0.65.
Proceeds will be used to advance the Moss project, including completing a feasibility study, and for general corporate purposes.
Based in Vancouver, B.C., Northern Vertex is a gold explorer.
| Issuer: | Northern Vertex Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million (approximate)
|
| Greenshoe: | C$1.3 million
|
| Units: | 7.7 million (approximate)
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.90
|
| Pricing date: | Aug. 28
|
| Stock symbol: | TSX Venture: NEE
|
| Stock price: | C$0.65 at close Aug. 27
|
| Market capitalization: | C$34.17 million
|
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