Northern Vertex Mining (NEE-V) closes $3.4-million private placement
Sept 25, 2013 - News Release
Northern Vertex Mining Corp. has completed 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 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.
We seek Safe Harbor. |
