Northern Vertex Mining Corp. (TSXV:NEE,OTCQX:NHVCF) filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island. The filing is in connection with a best efforts marketed equity offering to raise gross proceeds of up to $10 million with a syndicate of agents led by Paradigm Capital Inc. and that include Cormark Securities Inc. and Haywood Securities Inc. The Offering is expected to close before market opening on August 13, 2013.
As quoted in the press release:
The Offering will consist of the sale of common shares (the “Common Shares”) at a price to be determined in the context of the market (the “Issue Price”). The Agents shall have the option, exercisable in whole or in part at closing and for a period of up to 30 days following the Closing Date (as hereinafter defined), to purchase an additional 15% of the number of Common Shares sold under the Offering at the Issue Price per Common Share.
The Offering is expected to close before market opening on August 13, 2013 but may close, if at all, as otherwise agreed by the Company and lead agent Paradigm (the “Closing Date”). Completion of the offering is subject to certain customary conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and provincial securities regulators.
In conjunction with the Offering, Northern Vertex intends to complete, on a concurrent private placement basis, a non-brokered offering of common shares of up to $5 million (the ” Private Placement Offering”) to accredited investors. The Private Placement Offering will be priced at the Issue Price and the two offerings are not interdependent. The Private Placement securities will be subject to a four month resale restricted period.