Northern Vertex Reports First Quarter Fiscal 2018 Financial Results
-- Published: Wednesday, 29 November 2017 | Print | Disqus
VANCOUVER , Nov. 29, 2017 /CNW/ - Northern Vertex Mining Corp. (NEE.V) (OTC-Nasdaq Intl.: NHVCF) (the "Company") announces that the Company's unaudited interim consolidated financial results for the first fiscal quarter 2018 ended September 30, 2017 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, 2017
Cash was $32.28 million at September 30, 2017, compared to $24.99 million at June 30, 2017 . The increase was due to financings which closed during the quarter including, private placements and drawing from debt facilities.
Working capital decreased to $19.02 million at September 30, 2017, compared to $20.82 million June 30, 2017.
Net loss for the quarter was $2.55 million ( $0.02 per share) compared to $0.93 million ( $0.01 per share) for the same period last year.
The final tranche of a US$20 million non-brokered private placement for US$9.2 million with Greenstone Resources II L.P. was completed.
The Company received an additional US$5 million from Sprott Private Resource Lending (Collector), LP under its senior secured credit facility.
The Company executed a definitive Master Lease Agreement for up to US$9 million with Caterpillar Financial Services Corporation to fund the Company's purchase of certain key pieces of equipment, including power generators, mobile equipment and the crushing plant for use at the Moss Mine.
Construction costs for the quarter relating to equipment purchases, site earthworks and facility construction were $19.81 million and development and exploration costs incurred on the Moss Mine and Silver Creek Projects during the quarter were $0.34 million.
Corporate and Operating Highlights for the Quarter Ended September 30, 2017
The fabrication of the crushing plant was completed and included 4 crushing units, three rock boxes, 14 conveyors and the agglomeration circuit. The Company received plant components during August with installation commencing in September.
N.A. Degerstrom ("NAD") completed the final grading for the initial leach pad cell just north of the solution ponds in anticipation of the first ore stacking. NAD has also completed the liner bedding in the west pad, central pad and east pad.
American Environmental Group ("AEG") completed the secondary liner in the west pad and the pregnant leach solution pond was completed with a primary liner, leak detection geonet, and secondary liner. AEG moved over to completing the GCL liners for the upper sections of the west pad and central pad. The central pad area was also completed and ready for over-liner placement.
Superstition Crushing ("Superstition") was awarded the contract to produce 170,000 tons of crushed and screened pad over-liner material. Superstition commenced mobilization and commenced crushing and screening operations.
Great Basin Industrial ("GBI") completed the concrete pads for the primary, secondary and two tertiary crushers along with the secondary and tertiary rock boxes. In the Merrill Crowe area, GBI completed all of the tank pedestals, containments/sumps and has poured the floor slab for the equipment area.
Secured Key Operational Team members including Bill Martinich (Mine Manager) formerly of New Gold Inc., and subsequent to the quarter, Mark Gorman (Process Manager) formerly of Klondex Mines/Midas Mine and Kesler Morris (Crushing Superintendent) formerly of Rye Patch.
The Company also announces that under the terms of the convertible debentures issued under the convertible debenture indenture dated as of July 14, 2016 between the Company and Computershare Trust Company of Canada , it elected to satisfy its obligation to pay an aggregate of $177,525 in interest on the convertible debentures by issuing to such debenture holders on the interest payment date of November 30, 2017 an aggregate of 369,837 common shares. The Company paid to each such debenture holder 5.2083 common shares per $100 principal amount of debentures held as at the interest payment record date. Under the terms of the Indenture, no fractional common shares were 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 .
About Northern Vertex: Northern Vertex Mining Corp. is a mining and exploration company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA . To the best of management's knowledge, Northern Vertex is the next publicly traded company to initiate gold and silver production, scheduled for calendar Q4 2017, in the USA . The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
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.
Forward-Looking Statements: This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
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