Northern Vertex Mining (NEE-V) Oversubscribed in a non-brokered private placement Nov 26, 2012.
www.northernvertex.com
45 million o/s
$1.8 million cash (as of Sept 30, 2012) Nov 26, '12 PP of $9.14 million
Key people:
J.R.H. (Dick) Whittington, PEng. President & CEO
Mr. Whittington is a mining engineer, educated at England's Royal School of Mines, with over 35 years of experience in Canada, Australia, Panama and Mexico. He was President and CEO of Farallon Mining and helped facilitate the friendly takeover of the company by Nystar N.V., Belgium zinc mining and smelting company, for $409 million in January 2011. By combining a unique approach to project development (the Parallel Tract approach) with innovative approaches to financing, he was able to bring Farallon's G-9 mine into production in less than four years from its original Greenfield discovery. Over his career, Mr. Whittington has participated in the full spectrum of corporate activities from exploration, feasibility studies, mergers, and acquisitions and has, directly or indirectly, raised over $1.2 billion in major corporate financings.
Northern Vertex closes offering for $9.14-million
Nov 26, 2012 - News Release
Northern Vertex Mining Corp. has completed its previously announced non-brokered private placement. In a news release dated Nov. 13, 2012, the company announced a non-brokered private placement of $7.5-million with a closing date of Nov. 26, 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, priced at $1.25 per unit, consists of one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one share at a purchase price of $1.75 per share until Nov. 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 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.
Dick Whittington, president and chief executive officer, 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 program announced on Sept. 26 and are conducting necessary on-site investigative programs. We are on track to being able to complete the preliminary economic assessment, as announced on Nov. 15, early in the new year. I'm looking forward to working to maximize value to all the stakeholders in the Moss project going forward."
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