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Moss mine experiences first gold pour

Published by , Assistant Editor
Global Mining Review,

Northern Vertex Mining Corp. has experienced its first gold pour at the Moss Mine in northwest Arizona (US), a commitment of up to US$100 million for Acquisition and Development from its partner Sprott Private Resource Lending LP (Sprott Lending) and a CAN$2 million non-brokered exploration funding.

President and CEO of Northern Vertex, Kenneth Berry, stated: "The first gold pour at the Moss Mine is an exciting milestone for all stakeholders. The transition to US gold producer is the culmination of six years of development, millions in economic activity and a dedication to safety with more than 1967 days without a lost time accident. Furthermore, the commitment of up to US$100 million by our partner Sprott for acquisitions and development positions Northern Vertex to aggressively pursue our goals for 2018." 

Managing Partner of Sprott, Narinder Nagra, commented: "As one of the largest investors dedicated to the natural resource sector, Sprott is excited to continue its partnership with Northern Vertex on future acquisitions and developments. Our partnership with the Northern Vertex team is consistent with our strategy of providing innovative and flexible capital to maximise the value of exceptional projects." 

Acquisition and Development Funding

In addition to the Moss Mine US$20 million Senior Secured Credit Facility, Sprott Lending has agreed to provide access for up to US$100 million in financing for future development projects and acquisitions.

The agreement provides that in the event of: (i) a proposed acquisition of a new project or entity; or (ii) the expansion of any existing project, the parties will enter into good faith negotiations regarding the terms of financing of up to US$100 million. The development and acquisition facility is subject to, among other items, documentation and approval by Sprott's investment committee.

Exploration Funding

The company has also announced a non-brokered private placement of up to approximately 3 846 153 million units at a purchase price of CAN$0.52/unit, for aggregate gross proceeds to the company of up to CAN$2 000 000. The company has received unsolicited orders for the full commitment of this private placement.

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 of the company at an exercise price of CAN$0.68 for a period of 24 months from the closing date of the Private Placement. A cash finders' fees within TSX Venture Exchange policy guidelines may be paid in connection with the Private Placement. According to Northern Vertex, the company intends to use the net proceeds of the private placement to conduct an exploration programme in the Oatman District and for general working capital purposes.

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