Northern Vertex (NEE-V) financing oversubscribed at $3.76 Million
July 3rd 2014 - NR
The company has issued 11,042,098 units at a price of 25 cents per unit for total gross proceeds of $2,760,524.50 with the remaining four million units for gross proceeds $1-million to close on or before July 16, 2014, for an aggregate total gross proceeds of $3,760,524.50. Cash finders' fees to arm's-length parties of 7 per cent, totalling $226,975, will be paid on a portion of the private placement, with $156,975 payable on the current issued amount and $70,000 payable in connection with the July 16 closing. Each unit consists of one common share of the company and one-half transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of 50 cents for a period of 24 months from the closing date of the private placement. All of the securities issued today pursuant to the offering will have a hold period which expires Nov. 4, 2014. An update will be issued on the remaining issuable units in due course or upon closing.
The company intends to use the net proceeds of the private placement for the advancement of the company's Moss mine gold-silver earn-in property located in Mohave county, northwest Arizona, United States, primarily for the completion of a feasibility study, and for general corporate purposes. |
