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Northern Vertex Mining Corp Closes Sale Of Lemhi Property Joint Venture Interest For Total Proceeds Of $7.65 Million


Wednesday, 13 Feb 2013 09:44am EST 

Northern Vertex Mining Corp announced that it has closed the sale, and subsequent share transfer, of its 51% interest in the Lemhi Gold Trust, LLC (the Lemhi JV) to Idaho State Gold Company, LLC ("ISGC") for $7.65 million, consisting of $4.75 million cash plus $2.90 million in deferred cash payments. The $4.75 million cash payment was received in full on February 12, 2013 and the deferred cash payments, equal to 3% of all future expenditures at the Lemhi Property, are payable to the Company in quarterly installments and capped at $2.90 million. The $7.65 million total proceeds from the sale of the Company's Lemhi JV interest are equal to the entirety of the capital ($7.65 million) the Company had contributed to the Lemhi JV. ISGC, now 100% owners of the Lemhi Property in Salmon, Idaho, will immediately assume management and operating control at Lemhi. 

Company Quote

0.265
-0.01 -3.64%
12 Sep 2014