VANCOUVER, Feb. 11, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce the appointment of Mr. David Splett as Chief Financial Officer and Corporate Secretary effective March 1, 2020.
Mr. Splett is a Chartered Professional Accountant with over 25 years of senior level experience in the resource industry working in Canada, Mexico and Latin America. Most recently, David was CFO – Latin America for Goldcorp Inc., where he was responsible for strategy, policy implementation and optimization within the Latin American region. Preceding Goldcorp, David was Vice President of Finance at Mosaic Corporation, and he has also worked at Minera Panama SA, Teck Resources, and Potash Corporation. Mr. Splett holds a BA Economics and B Admin from the University of Regina, a Master of Arts, Management Systems from the University of Hull in the UK, as well as an MBA from Queens University in Ontario.
Kenneth Berry, President and CEO, states: "David has a proven track record with fast paced growth mining organizations, where he was responsible for overseeing the operations of multiple mine sites, and played a significant role in the Mergers, Acquisitions and Divestitures of mining operations within a dynamic market environment. He possesses an understanding of growth cycle of mining operations and has experience in leading organizational transformation, as well as implementing world class strategic planning. With expertise and technical knowledge in all aspects of operations, corporate finance, financial planning and accounting, I believe David is a great addition to our team as we look forward to the expansion and optimization of the Moss Mine, addition of multiple assets and the goal of becoming a mid-size mining company."
Mr. Splett's appointment coincides with Mr. Christopher Park stepping down for personal reasons as CFO and Corporate Secretary. The entire Northern Vertex management team and the Board of Directors, from Arizona to Vancouver and beyond, express their appreciation for the significant contributions Mr. Park has made to the Company and wish him well in his future endeavors.
The Company has granted 1,400,000 stock options under its incentive stock option plan to various employees. Each stock option entitles the holder to purchase one common share at an exercise price of $0.25 for a period of five years following the grant date. Subject to the approval of the TSX Venture Exchange, the Company intends to settle certain debt in the amount of $700,053 owing to Sprott Private Resource Lending, LP through the issuance of 3,586,889 common shares of the Company ("Debt Settlement Shares") at a deemed price of C$0.253 per Debt Settlement Share. The Debt Settlement Shares will be subject to a statutory hold period expiring on the date that is four months and one day after the date of issuance.
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer with over 200,000 ounces of gold production annually.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
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.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains statements about our future business, planned activities, and the issuance of Debt Settlement Shares, which remains subject to receipt of regulatory approval. 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 scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. 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. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology. .
SOURCE Northern Vertex Mining Corp.