Press release from Marketwire
Northern Vertex Closes Non-Brokered Private Placement and Amends Warrant Expiry Date
Wednesday, September 25, 2013
Northern Vertex Closes Non-Brokered Private Placement and Amends Warrant Expiry Date16:45 EDT Wednesday, September 25, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 25, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) is pleased to announce the completion of its previously announced non-brokered private placement.
A total of 5,236,000 units were issued. Each unit ("Unit"), priced at $0.65 per Unit consists of one common share ("Share") of the Company and one-half of one transferable common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one Share at a purchase price of $0.90 per Share until February 25, 2015. The expiry date of the Warrants may be accelerated, at the sole option of the Company, to 30 business days following the date on which the Company gives notice that its common shares have closed for 21 consecutive trading days at a price of $1.40 or greater. Cash finders' fees in the aggregate amount of $209,180 were paid to arm's length parties in relation to the private placement. All of the securities issued pursuant to the Offering will have a hold period which expires January 26, 2014. All amounts quoted are in Canadian dollars.
The Company intends to use the net proceeds of the Offering for the advancement of the Moss project, and general corporate purposes.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
The Company further announces that it has, subject to regulatory approval, amended the expiry date of an aggregate total of 7,138,674 unexercised share purchase warrants.
Pursuant to the non-brokered unit private placement that closed on April 4, 2011, a total of 1,571,500 warrants were issued expiring on April 4, 2013 of which 1,321,500 currently remain outstanding. On March 28, 2013, the Company announced that it had extended the expiry date of the outstanding 1,321,500 warrants for an additional six months, to October 4, 2013, these warrants have now been extended by an additional 12 months, to October 4, 2014, with the exercise price per warrant remaining unchanged at $1.15. In all other respects, the terms of the warrants will remain unchanged and in full force and effect, including that the expiry date of the warrants can be accelerated to 21 days following the date on which the Company gives notice to the holders of the warrants that its common shares have closed for 20 consecutive trading days at a price of $1.50 or greater.
A total of 5,817,174 were issued pursuant to the non-brokered unit private placement that losed on November 23, 2011 expiring on November 23, 2013. All warrants remain outstanding and the Company has extended the expiry date for an additional twelve months from the original expiry date of the warrants, to November 23, 2014, with the exercise price per warrant remaining unchanged at $1.55. In all other respects, the terms of the warrants will remain unchanged and in full force and effect, including that the expiry date of the warrants can be accelerated to 30 days following the date on which the Company gives notice to the holders of the warrants that its common shares have closed for 21 consecutive trading days at a price of $2.00 or greater.
Subject to the approval of the TSX Venture Exchange, the Company has granted an aggregate total of 1,435,000 incentive stock options, which are exercisable for a period of five years at an exercise price of $0.65 to directors, officers, employees and consultants of the Company.
About Northern Vertex: Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has the right to earn-in to 70% property interest through a Joint Venture with Patriot Gold. The Moss Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 200 meters vertically. It is a potential heap leach, open pit project being advanced under a three phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
J.R.H. (Dick) Whittington, Director, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such Statements.
2013 number 19
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Vertex Mining Corp.
604-601-3656 or 1-855-633-8798