Non-brokered, oversubscribed deal finances general corporate purposes
By Devika Patel
Knoxville, Tenn., April 4 – Northern Vertex Mining Corp. said it raised C$160,000 in the second and final tranche of a C$2.71 million non-brokered private placement of units. The oversubscribed deal priced for C$2.5 million on Feb. 26 and raised C$2.55 million on March 31.
The company sold 8,474,875 units of one common share and one warrant at C$0.32 per unit. It sold 7,974,875 units in the first tranche and 500,000 units in the second.
Each warrant is exercisable at C$0.50 until March 31, 2019. The strike price is a 47.06% premium to the Feb. 25 closing share price of C$0.34.
Proceeds will be used to advance the Moss Mine Gold-Silver property and for general corporate purposes.
Based in Vancouver, B.C., Northern Vertex is a gold explorer.
Issuer: | Northern Vertex Mining Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$2,711,960
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Units: | 8,474,875
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Price: | C$0.32
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Warrants: | One warrant per unit
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Warrant expiration: | March 31, 2019
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Warrant strike price: | C$0.50
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Agent: | Non-brokered
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Pricing date: | Feb. 26
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Settlement date: | March 31 (for C$2.55 million), April 4 (for $160,000)
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Stock symbol: | TSX Venture: NEE
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Stock price: | C$0.34 at close Feb. 25
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Market capitalization: | C$21.88 million
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