Northern Vertex Draws Second Tranche of US$20,000,000 Credit Facility with Sprott Lending for Moss Mine Project
"The Moss Mine Gold/Silver Project in Arizona is Scheduled for Production in Q4, 2017"
VANCOUVER, June 8, 2017 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the Company") is pleased to announce that the Company's wholly-owned subsidiary Golden Vertex Corp. has been advanced the second tranche, in the amount of US$5,000,000, under the senior secured credit facility with Sprott Private Resource Lending (Collector), LP ("Sprott Lending"), an affiliate of Sprott Resource Lending Corp., pursuant to which Sprott Lending will advance up to US$20,000,000 (the "Sprott Facility") to fund development costs of the Company's 100% owned Moss Mine Gold/Silver Project in north-west Arizona (the "Project"). The Sprott Facility is available to be drawn in four tranches, two of which have now been completed.
There is no guarantee the Company will satisfy any or all of the conditions of further drawdowns under the Sprott Facility. For further details of the Sprott Facility, please see the Company's news release dated November 7, 2016.
The Company looks forward to updating shareholders on further successful milestones over the near term.
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:
The information in this news release has been prepared as at June 8, 2017. 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 Sprott Facility and the proposed use of the proceeds of the financings.
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 Sprott Facility, and the anticipated use of the proceeds of the financings. There can be no assurance that the Sprott Facility will complete within the anticipated timelines or complete as contemplated or at all, or that the proceeds of the financings will be used as anticipated. 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.
please visit www.northernvertex.com or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.
Share this article