Northern Vertex Capital Inc. ("Northern Vertex") is pleased to announce that it has completed the acquisition of the option (the "Option") to acquire a 60% interest in the Deer Creek Property from Kootenay Gold Inc. ("Kootenay") pursuant to an option agreement between Northern Vertex and Kootenay dated January 8, 2010.
In conjunction with the acquisition of the Option, Northern Vertex has completed a concurrent private placement (the "Private Placement") on a non-brokered basis to raise gross proceeds of $575,000 by the issuance of an aggregate of 6,000,000 flow-through units (each a "FT Unit") of Northern Vertex at a purchase price of $0.05 per FT Unit and an aggregate of 5,500,000 non-flow-through units (each a "NFT Unit") of Northern Vertex at a purchase price of $0.05 per NFT Unit. Each FT Unit consists of one common share of Northern Vertex, to be issued on a flow-through basis under the Income Tax Act (Canada), and one transferable common share purchase warrant (a "FT Warrant"). Each FT Warrant entitles the holder to purchase one common share of Northern Vertex, which may be issued on a flowthrough basis at the sole discretion of Northern Vertex, at an exercise price of $0.10 per share at any time until April 30, 2015. Each NFT Unit consists of one common share of Northern Vertex and one transferable common share purchase warrant (a "NFT Warrant"). Each NFT Warrant entitles the holder to purchase one common share of Northern Vertex at an exercise price of $0.10 per share at any time until April 30, 2015. All securities issued pursuant to the Private Placement are subject to a four month hold period which expires on August 31, 2010.
Concurrently with the completion of the acquisition of the Option, Northern Vertex wishes to announce a change in management, Kenneth Berry resigning as Chief Financial Officer of Northern Vertex and Northern Vertex appointing Rajwant Kang as its new Chief Financial Officer.
The board of Northern Vertex will consist of the following directors, with Rob Cruickshank resigning:
Kenneth Berry
Joseph Bardswich
Mark Schnarr
The shares of Northern Vertex are expected to commence trading on Tier 2 of the TSX Venture Exchange under the symbol NEE on May 6, 2010.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Joseph Bardswich" (signed)
Joseph Bardswich, Director
For further information, please contact Kenneth Berry
Telephone: 604-604-5650 Fax: 604-683-2249 Email: berryk@telus.net