Proceeds will help complete feasibility study for Moss Mine property
By Toni Weeks
San Luis Obispo, Calif., May 27 - Northern Vertex Mining Corp. said it plans to raise C$2.5 million in a non-brokered private placement of unit.
The company is selling about 10 million units of one common share and one half-share warrant at C$0.25 per unit.
Each whole warrant will be exercisable at C$0.60 for two years. The strike price represents a 100% premium to the May 23 closing share price of C$0.30.
Proceeds will be used for the completion of a feasibility study for the company's Moss Mine Gold-Silver earn-in property in Arizona as well as for general corporate purposes.
Northern Vertex is based in Vancouver, B.C., and explores for copper, lead, zinc, silver and gold.
| Issuer: | Northern Vertex Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 10 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Stock symbol: | TSX Venture: NEE
|
| Stock price: | C$0.30 at close May 23
|
| Market capitalization: | C$18.5 million
|
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