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Northern Vertex Capital Inc. (TSXV:NEE) reported that it has received approval from the TSX Venture Exchange regarding the joint venture agreement to acquire up to a 75.5% interest in the Lemhi Gold Project located 25 miles north of Salmon, Idaho and that it has closed its non-brokered private placement for gross proceeds of $13,379,500.
As quoted in the press release:
Financing:
Effective November 23, 2011, Northern Vertex issued a total of 11,634,348 units (“Units”) at a price of $1.15 per Unit for aggregate gross proceeds of $13,379,500.Joint Venture:
Northern Vertex and Idaho State Gold Company, LLC (“ISGC”, a private Idaho investment company) entered into joint venture agreements dated as of September 21, 2011 (the “JV Agreement”) and formed the joint venture entity named Lemhi Gold Trust, LLC (“JV LLC”).
Northern Vertex CEO, Kenneth Berry, said:
“We are very pleased to acquire a major interest in the advanced Lemhi Gold Project and to report our corporate financing was oversubscribed, increasing from the announced total of $12.6 million to $13.3 million.”
Click here to read the Northern Vertex Capital Inc. (TSXV:NEE) press release
Click here to see the Northern Vertex Capital Inc. (TSXV:NEE) profile.