April 27, 2018, Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V:NEE) (OTC-Nasdaq Intl.: NHVCF) (the Company”) is pleased to announce the closing of its non-brokered private placement (the “Private Placement”) as previously announced on March 13, 2018, raising gross proceeds to the Company of $2,404,000.
The Company has issued an aggregate of 4,623,076 units (each a “Unit”) at a purchase price of $0.52 per Unit. Each Unit consists of one common share of the Company and one-half of a non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant has a term of two years and entitles the holder to acquire one common share of the Company at an exercise price of $0.68 until April 27, 2020. Cash finders’ fees of 6% on a portion of the gross proceeds raised under the Private Placement, totaling $102,120, will be paid to certain finders at arm’s length to the Company.
The Company intends to use the net proceeds of the Private Placement to conduct an exploration program in the Oatman District and for general working capital purposes. All securities issued under the in the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on August 27, 2018.
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, or a solicitation of an offer to buy, securities in the United States.
The Company also announces that it has issued a total of 200,000 common shares to La Cuesta International Inc. pursuant to the advisory agreement as announced on October 16, 2017. The common shares are subject to a hold period under applicable Canadian securities laws expiring on August 6, 2018.
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. 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
President & CEO
For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.
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.
The information in this news release has been prepared as at April 26, 2018. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms, and include, without restriction, statements regarding the completion of the Private Placement and the proposed use of the proceeds of the financing.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based More particularly, this release contains statements concerning the closing of the second tranche of the Private Placement and the anticipated use of the proceeds of the financing. There can be no assurance that the second tranche of the Private Placement will complete within the anticipated timelines or complete as contemplated or at all, or that the proceeds of the financing will be used as anticipated. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.