Northern Vertex announces interest payment on convertible debentures
VANCOUVER, May 29, 2020 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") announces that under the terms of the convertible debentures issued under the convertible debenture indenture dated July 14, 2016 (the "Indenture") between the Company and Computershare Trust Company of Canada, it has elected to satisfy its obligation to pay an aggregate of $167,500 in interest accrued on the convertible debentures by issuing to such debenture holders on the interest payment date of June 1, 2020 an aggregate of 598,196 common shares in the capital of the Company (the "Common Shares"). The Company will pay to each such debenture holder approximately 8.93 Common Shares per $100 principal amount of debentures held as at the applicable interest payment record date. Under the terms of the Indenture, no fractional Common Shares will be delivered upon payment of the interest obligation and the Company is not required to pay the cash equivalent of any amount less than $5.00. The issuance of Common Shares in payment of interest remains subject to approval of the TSX Venture Exchange (the "Exchange").
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production, the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer with over 200,000 ounces of gold production annually.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
Forward-Looking Statements: Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws – including statements regarding the approval of the Exchange for the interest payment in Common Shares. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements, such as the Company not receiving Exchange approval. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE Northern Vertex Mining Corp.
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