Northern Vertex has $6.01-million in Cash at Q1 End

Northern Vertex Mining Corp.’s (TSXV:NEE) unaudited interim consolidated financial results for the first fiscal quarter 2017 ended Sept. 30, 2016, have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.northernvertex.com or on SEDAR at www.sedar.com.
Financial Highlights for the Quarter Ended September 30, 2016
Net loss for the quarter was $0.93 million ($0.01 per share) compared to net income of $2.15 million ($0.03 per share) for the same period last year;
Cash was $6.01 million at September 30, 2016, compared to $1.30 million at June 30, 2016. The increase was primarily due to the receipt of cash proceeds from the convertible debentures financing, of which the first tranche closed in July 2016;
Working capital increased to $5.35 million at September 30, 2016, compared to $0.66 million June 30, 2016; and
Construction in progress costs relating to detailed engineering and permitting were $0.62 million and development and exploration costs incurred on the Moss Mine and Silver Creek Projects during the quarter were $0.25 million.
Corporate and Operating Highlights for the Quarter Ended September 30, 2016
The Company closed a $7.23 million convertible debenture financing to fund development of the Moss Mine and for general working capital purposes;
The Company appointed M3 Engineering & Technology Corp. (“M3”) of Tucson, Arizona, as the Engineering, Procurement and Construction Management provider for the Company’s Moss Mine Project and Dr. David Stone as construction Project Manager. M3 will be responsible for the detailed design, procurement of the necessary equipment and supplies as well as managing the construction of all processing and auxiliary surface facilities. Dr. Stone will be responsible for overseeing the design, procurement and construction activities of M3 and other site based contractors engaged by M3 as the mine gets built;
Detailed engineering began during the quarter while procurement has started on long lead items; and
Subsequent to the quarter end the Company signed a senior secured credit facility with Sprott Private Resource Lending (Collector), LP (“Sprott”), an affiliate of Sprott Resource Lending Corp., pursuant to which Sprott may advance up to US$20,000,000 to fund development and construction of the Company’s Moss Mine Project. The facility is available to be drawn in up to four tranches, and the first tranche of US$5,000,000 was advanced to the Company.
Click here to connect with Northern Vertex Mining Corp.’s (TSXV:NEE) to receive and Investor Presentation.