NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – Tuesday, February 16th, 2021 – Northern Vertex Mining Corp. (“Northern Vertex”) (TSX.V:NEE, OTC-NASDAQ Intl: NHVCF) has acquired Eclipse Gold Mining Corporation (“Eclipse”) (TSX.V:EGLD, OTC:EGLPF), creating a well-funded gold producer and consolidator, operating entirely in the Western United States. As at February 12, 2021, the combined entity had a cash balance of approximately US$18.7 million.
Kenneth Berry, President and CEO of Northern Vertex, commented, “We have created a powerful gold consolidation company operating exclusively in the Western United States by combining the assets and leadership teams of Northern Vertex and Eclipse Gold. With a strong balance sheet, production from the Moss Mine, and significant organic growth targeted through exploration at both the Moss Mine in Arizona and the Hercules Project in Nevada, we are uniquely positioned to be an active consolidator to become a mid-tier producer. On behalf of the entire Northern Vertex team, I thank our outgoing directors, Joe Bardswich and Ivan Fairhall, for their dedicated guidance and support, and I personally welcome Doug Hurst as Chairman, Marcel de Groot as director, and Mike Allen and Dr. Warwick Board as incoming senior executives. I am excited to be working with our entire management and operating team as we continue to grow Northern Vertex.”
The Board of Directors and senior executives of Northern Vertex are as follows:
Board of Directors
Senior Executive Team
Doug Hurst – Chairman
Ken Berry – CEO
Ken Berry
David Splett – CFO
Jim McDonald
Mike Allen – EVP, Corp Dev
David Farrell
Warwick Board – VP, Exploration
Mike Haworth
Joel Murphy – GM
Geoff Burns
Marcel de Groot
Northern Vertex acquired Eclipse via a statutory plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Northern Vertex has acquired (the “Transaction”) all of the issued and outstanding common shares of Eclipse (each, an “Eclipse Share”). Pursuant to the Transaction, Eclipse shareholders are entitled to receive 1.09 common shares of Northern Vertex in exchange for each Eclipse Share held by such shareholder immediately prior to the completion of the Transaction.
It is expected that the Eclipse Shares will be delisted from the TSX Venture Exchange as of the close of trading on or about February 17, 2021. It is anticipated that Northern Vertex will shortly apply to cause Eclipse to cease being a reporting issuer under applicable Canadian securities laws.
Prior to effecting the Transaction, Maverix Metals Inc. ("Maverix") held 37,979,582 common shares representing approximately 14% of the total number of issued and outstanding common shares of Northern Vertex on a non-diluted basis. Following the transfer of common shares to Eclipse pursuant to the terms of the plan of arrangement and the closing of the Transaction, Maverix owns 18,468,541 common shares of Northern Vertex, representing 4.9% of the total issued and outstanding common shares. In accordance with applicable securities laws, Maverix may, from time to time and at any time acquire additional common shares and or other securities or instruments of Northern Vertex in the open market or otherwise. Maverix reserves the right to dispose of any or all of its securities in the open market or otherwise at anytime and from time to time, and to engage in similar transactions with respect to its securities of Northern Vertex, the whole depending on market conditions, the business and prospects of Northern Vertex and other relevant factors.
Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a director of the Company and a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest pure gold and silver mine in Arizona and is exploring the district-scale Hercules gold property within Nevada’s Walker Lane trend. Focused on low-cost gold and silver production, the company has experience across all areas of operations, mine development, exploration, acquisitions, and financing of mining projects. With operations at the flagship Moss and exploration at both the Moss and the Hercules property, located only a one-hour drive from Reno, the company is strongly positioned for organic growth. The company intends to consolidate additional producing and exploration gold assets within the Western US. Through mergers and acquisitions and organic growth, Northern Vertex’s corporate goal is to become a mid-tier gold producer.
ON BEHALF OF THE BOARD OF DIRECTORS OF NORTHERN VERTEX MINING
Kenneth Berry
President, CEO and Director
CORPORATE INQUIRIES:
Kenneth Berry, President, CEO and Director
Company Website: www.northernvertex.com |
