Proceeds will help complete feasibility study for Moss Mine property
By Devika Patel
Knoxville, Tenn., June 6 – Northern Vertex Mining Corp. said it increased its non-brokered private placement of units to C$3.5 million from C$2.5 million. The deal priced on May 26.
The company will now sell about 14 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$0.50 for two years. The strike price is a 66.67% 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.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$3.5 million
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| Units: | 14 million (approximate)
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Agent: | Non-brokered
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| Pricing date: | May 26
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| Upsized: | June 6
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| Stock symbol: | TSX Venture: NEE
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| Stock price: | C$0.30 at close May 23
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| Market capitalization: | C$14.45 million
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