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Northern Vertex reports first gold pour at Moss, partner commits US$100M

Northern Vertex Mining Corp. achieved first gold pour at its Moss mine in Arizona and secured a US$100 million commitment from Sprott Private Resource Lending LP for future acquisitions and development projects.

The companies will negotiate terms for the financing if Northern Vertex proposes an acquisition or expansion of an existing project, according to a March 13 release.

Meanwhile, the company is raising C$2.0 million via a nonbrokered private placement of units at 52 Canadian cents apiece.

The company plans to use the funds for exploration in Arizona's Oatman district and for general working capital purposes.

Northern Vertex drew the final US$5 million tranche from a US$20 million facility with Sprott Resource in December 2017 and secured an extension for its maturity date to Nov. 29, 2019.