Northern Vertex Receives TSXV Approval for JV To Acquire Idaho Gold Interest
Northern Vertex Capital (NEE.V) has received approval from the TSX Venture Exchange over the joint venture agreement to acquire up to a 75.5% interest in the Lemhi Gold Project in Idaho. NEE has closed its non-brokered private placement for gross proceeds of $13.4 million.
Northern Vertex CEO Kenneth Berry reported that the corporate financing was oversubscribed, increasing from the announced total of $12.6 million to $13.3 million. He said this was "clearly a testimony" to the quality of both the Lemhi Gold Project in Idaho and Northern Vertex's advancing Moss Gold-Silver Project in Arizona.
"The financing gives us the ability to fast-track confirmation drilling and development at Lemhi, while we continue our ongoing resource expansion and near-term production initiatives at Moss. We plan on applying the same proven resource growth and development model to Lemhi that we utilized on our recent successful drill and development program on Moss, which culminated in generating a NI 43-101 compliant Gold Eqv. Resource of 590,400 ounces in less than 7 months," Berry said.
Northern Vertex shares are currently trading at $1.30, below a year high of $1.35. It touched a year low of 45 cents on Jan 17.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.