VANCOUVER, November 26, 2012 /PRNewswire/ --
/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
- All figures are in CDN dollars
Northern Vertex Mining Corp. (TSX.V: NEE) (the "Company")
is pleased to announce the completion of its previously announced
Non-Brokered Private Placement. In a news release dated
November 13th, 2012, the
Company announced a Non-Brokered Private Placement of $7.5 million with a closing date of November 26th, 2012. The Private
Placement closed earlier today as previously announced and was
oversubscribed raising gross proceeds of $9,148,750.
A total of 7,319,000 units were issued. Each unit ("Unit"),
priced at $1.25 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 $1.75 per Share until
November 25, 2014. 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 $2.00 or greater. Cash Finders' fees in the
aggregate amount of $557,781 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 March 27, 2013. 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, maintenance of other projects
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.
Dick Whittington, President and
CEO states: "I am extremely pleased to announce this closing. Being
oversubscribed in a Non-Brokered Private Placement in today's
volatile equity markets is particularly pleasing and shows the
confidence that the market has with our business plan."
He continued: "The Moss project is a golden opportunity to make
a lasting contribution to the personal and economic well-being of
Mojave County, Arizona and the
Company intends to positively contribute to the local communities
in which we hope to operate. These funds will be used to continue
with our site drilling programs, conduct Pilot Plant scale
operations and carry out the necessary technical and economic
studies to enable us to evaluate the project and then to enable us
to proceed within the established permitting regimes as they apply
to the project."
"We are nearing the end of our resource definition drilling
programme announced on September
26th and are conducting necessary on site
investigative programmes. We are on track to being able to complete
the Preliminary Economic Assessment, as announced on November 15th, early in the New Year.
I'm looking forward to working to maximize value to all the
stakeholders in the Moss Project going forward."
About Northern Vertex: Northern Vertex Mining Corp. is a
Canadian based exploration and mining company focused on the
development of precious metals deposits in Canada and the
United States. The Company comprises an experienced
management team with a strong background in all aspects of
acquisition, exploration, development, operations and financing of
precious metal mining projects. Its flagship Moss Gold-Silver
Project located in Arizona, USA
contains 956,800 oz of AuEq in the measured and indicated
categories. The Moss Project is a low strip ratio, heap leach, open
pit project and is being advanced under a three phase business
plan, specifically designed to ensure that technical, economic and
permitting requirements are met prior to each phase proceeding. The
targeted initial production date is Q1 2014.
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington,
President & 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.
SOURCE: Northern Vertex Mining Corp.
For further information:
please visit http://www.northernvertex.com or contact
Investor Relations at: +1-604-601-3656 or at +1-855-633-8798.
(NEE. NHVCF)
