VANCOUVER, May 25, 2017 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the "Company") announces that the Company's unaudited interim consolidated financial results for the third fiscal quarter 2017 ended March 31, 2017 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or on SEDAR at www.sedar.com.
Financial Highlights for the Quarter and Nine Months Ended March 31, 2017
- Cash was $8.09 million at March 31, 2017, compared to $1.30 million at June 30, 2016. The increase was due to the closing of a warrant incentive program near the end of the quarter and included the remainder of the proceeds from the first tranche of the senior secured credit facility and a private placement which closed during the second quarter;
- Working capital increased to $6.49 million at March 31, 2017, compared to $0.66 million at June 30, 2016;
- Net loss for the quarter was $1.53 million ($0.02 per share) compared to $3.77 million ($0.04 per share) for the same period last year;
- Net loss for the nine months was $3.34 million ($0.03 per share) compared to $1.16 million ($0.01 per share) for the same period last year; and
- Construction in progress costs for the nine months related to equipment purchases, site earthworks, detailed engineering and permitting were $8.36 million and development and exploration costs incurred on the Moss Mine and Silver Creek Projects during the nine months were $1.28 million.
Corporate and Operating Highlights for the Quarter Ended March 31, 2017
- All key federal and state permits for the Moss Mine construction were received with the final Aquifer Protection Permit having been received subsequent to quarter end. The Company is now fully permitted for all operations following the construction of the Moss Mine.
- The ramp-up of site construction continued with bulk earthworks for the laydown yard and the crusher and electrical pads completed and the excavation work for the Merrill Crowe having been initiated.
- Procurement continues and detailed engineering for the Moss Mine is nearing completion and is advancing to a planned 95% completion of detailed engineering by June 2017.
- The Company completed a warrant exercise incentive program designed to encourage the early exercise of outstanding warrants. A total of 10,713,608 warrants were exercised, raising gross proceeds of $5,000,054, and 5,356,804 common share purchase warrants were issued to the warrant holders who exercised their warrants under the program.
- Subsequent to the quarter end, the Company announced the execution of a commitment letter and term sheet with Caterpillar Financial Services Corporation ("Cat Financial"), pursuant to which Cat Financial has agreed in principle to fund the Company's purchase of certain key equipment including power generators and mobile equipment manufactured by Caterpillar Inc. and the crushing plant for use at the Moss Mine. Cat Financial will fund between 70% to 80% of the equipment purchase price to maximum amount of US$9,000,000 of equipment purchases.
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 Project located in NW Arizona, USA. 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.
Forward-Looking Statements: This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
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.