https://www.engineeringnews.co.za

Northern Vertex and Eclipse merger creates new US-focused miner

The Moss mine, in Arizona.

The Moss mine, in Arizona.

8th December 2020

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

TSX-V-listed juniors Northern Vertex Mining and Eclipse Gold Mining on Monday announced that they would merge, creating a new gold growth resource business focused on the western US.

Shareholders in Eclipse would receive 1.09 shares of Northern Vertex for each share held.

Concurrent with signing the agreement, Eclipse has entered into an agreement with a syndicate of agents led by Stifel in connection with a "best efforts" private placement financing of subscription receipts to be sold at C$0.50 each for minimum of C$20-million.

The combined company would comprise 71% Northern Vertex shareholders, 18% Eclipse shareholders and 11% new shareholders. Northern Vertex would be the resulting company, with offices in the US and Canada.

Northern Vertex owns the Moss mine, currently the largest pure gold and silver mine in Arizona. Eclipse is exploring the Hercules gold property in Nevada’s Walker Lane.

The new integrated board would comprise Douglas Hurst (Eclipse) as chairperson, Geoff Burns (Maverix Metals/Northern Vertex), Michael Haworth (Greenstone Resources/Northern Vertex), Marcel de Groot (Eclipse), David Farrell (Northern Vertex), Kenneth Berry (Northern Vertex) and James McDonald (Northern Vertex).

Berry will be president and CEO, while David Splett is CFO, Eclipse CEO Michael Allen is executive VP corporate development and Warwick Board is VP exploration.

"The result of this transaction will be a combined company with a greatly strengthened balance sheet, and an enhanced team with extensive experience growing multi-asset gold companies. This represents a significant step toward our unwavering vision of building a top of the class midtier gold producer. We plan to use this new platform to accelerate organic growth opportunities by targeting significant resource expansion at the Moss mine and execute an aggressive roll-up strategy focused on the Western United States,” said Berry.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 
The Beneficiation Academy
The Beneficiation Academy

The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.068 0.823s - 140pq - 2rq
Subscribe Now