The net proceeds will be used for the completion of a feasibility study and general corporate purposes, among other activities of the project.
Northern Vertex president and CEO Dick Whittington said that the company is pleased to see the continued market support for the Company’s plan to reactivate the Moss Mine gold-silver heap leach project.
"Our immediate goal is to continue with the operations phase of our Phase I – Pilot Plant and to move forward with a feasibility study for Phase II – Operations," Whittington added.
The financing will comprise about 7.7 million units at a purchase price of $0.65 per unit, and is scheduled to be completed by early September 2013.
The Private Placement as well as any upsizing is subject to acceptance by the TSX Venture Exchange.
