Proceeds will help complete feasibility study for Moss Mine property
By Devika Patel
Knoxville, Tenn., July 3 – Northern Vertex Mining Corp. said its non-brokered private placement of units is oversubscribed at C$3.76 million. The deal priced on May 26 and was increased to C$3.5 million from C$2.5 million on June 6. The company has already raised C$2.76 million.
The company is now selling 15,042,098 units of one common share and one half-share warrant at C$0.25 per unit. It has already sold 11,042,098 units and will sell an additional 4 million units by July 16.
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.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3,760,525
|
| Units: | 15,042,098
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Upsized: | June 6
|
| Settlement dates: | July 3 (for C$2,760,525), July 16 (for C$1 million)
|
| Stock symbol: | TSX Venture: NEE
|
| Stock price: | C$0.30 at close May 23
|
| Market capitalization: | C$18.78 million
|
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