|Vancouver, B.C. - Northern Vertex Capital Inc. (TSX.V:NEE) ("Northern Vertex") is pleased to announce the completion of its previously announced non-brokered private placement. The private placement was fully subscribed raising gross proceeds of approximately $2,200,100.|
A total of 3,143,000 units were issued. Each unit ("Unit"), priced at $0.70 per Unit consists of one common share ("Share") of Northern Vertex 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 $1.15 per Share until April 5, 2013. The expiry date of the Warrants may be accelerated, at the sole option of the Company, to 21 business days following the date on which the Company gives notice that it's common shares have closed for 20 consecutive trading days at a price of CAN$1.50 or greater. Cash fees in the aggregate amount of $119,700 were paid to arm's length parties in relation to the private placement. All of the securities issued pursuant to the placement will have a hold period which expires August 5, 2011.
The net proceeds from the private placement will be used to finance additional work on Northern Vertex's properties and for general working capital.
About Northern Vertex: Northern Vertex is an exploration and mining company focused on precious metals discoveries in North America. The company is presently conducting systematic exploration program on the Copley Gold Property located in the emerging Nechako Plateau region of Central British Columbia and on the Moss Mine property, located in Mohave County, Arizona.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
For further information, please visit: www.northernvertex.com
Colin Clancy at Telephone: 604-601-3656
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.