/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Dec. 5, 2016 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the Company") is pleased to announce that it has entered into a drill contract with BDW International to conduct a 3,000 meter drilling program on its Moss Mine Gold-Silver property located in Mohave County, Arizona, U.S.A. The Company further reports it has closed an oversubscribed Non-Brokered Private Placement (the "Private Placement") issued an aggregate of 3,386,250 units (each a "Unit") at a purchase price of $0.40 per Unit raising gross proceeds to the Company of $1,354,500.
Each Unit consists of one common share ("Common Share") of the Company and one half transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $0.65 expiring on December 3, 2018. Cash finders fees to arm's length parties of 6%, totaling $61,600 will be paid on a portion of the Private Placement.
The Company intends to use the net proceeds of the Private Placement to conduct a multi-phase drill program on several prospective gold-silver targets identified from its ongoing property wide exploration program on its Moss Mine Gold-Silver property located in Mohave County, Arizona, U.S.A. and for general working capital purposes. The Company has identified four high priority targets that will be the focus of an ongoing multi-phase drill program on Moss. These include the West Oatman stockwork vein target, the high-grade Old Timer East and West targets and the Western Extension of the Moss.
The Private Placement remains subject to certain conditions including, but not limited to, regulatory approval and the acceptance of the TSX Venture Exchange.
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 foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General Manager Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
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 Property located in NW Arizona, USA. The Moss Mine Gold-Silver Property is a development phase epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system. 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
"Kenneth Berry "
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.
The information in this news release has been prepared as at December 2, 2016. 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 planned completion of the Private Placement.
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 anticipated Private Placement. Accordingly, there is a risk that the Private Placement will not be completely sold, completed within the anticipated time or at all. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
SOURCE Northern Vertex Mining Corp.
For further information: please visit www.northernvertex.com or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.