November 7, 2016, Vancouver, B.C. â Northern Vertex Mining Corp (TSXV:NEE)Â is pleased to announce that it has signed a senior secured credit facility with Sprott Private Resource Lending (Collector), LP (âSprottâ), an affiliate of Sprott Resource Lending Corp., pursuant to which Sprott will advance up to US$20,000,000 (the âSprott Facilityâ) to fund development costs of the Company’s 100% owned Moss Gold/Silver Project in north-west Arizona (the âProjectâ).Â The Sprott Facility is available to be drawn in four tranches, and the first tranche of US$5,000,000 has been advanced to the Company’s wholly-owned subsidiary, Golden Vertex Corp. (the âBorrowerâ).
Kenneth Berry, the Company’s President and CEO, states: âWe are delighted to have signed the Sprott Facility that will allow us to fast-track the development of the Moss Mine Gold-Silver project to commercial production. The initial capital expenditure to build the Moss Mine is US$33 million. With a US$20 million facility from Sprott that contemplates an additional US$8.5 million equipment finance facility, in combination with our recently completed $7.35 million convertible debenture offering, we are now ideally positioned to capitalize on the robust economics the Moss Mine offers, as we begin the transition into a fully operating gold-silver entity. We are equally pleased to report strategic development and detailed engineering is officially underway on the project and reclamation and earthworks at site will begin shortly. We look forward to keeping our shareholders and host-communities in and around Bullhead City, Arizona updated with our progress.â