VANCOUVER, BC / ACCESSWIRE / October 3, 2019 / VERTICAL EXPLORATION INC. (TSXV:VERT) ("Vertical" or "the Company") and Venturevest Realty Partners LLC ("Venturevest") are pleased to announce that the two companies have signed a non- binding Letter of Intent (LOI) to enter into discussions regarding the provision by Venturevest of a secured Note Facility up to a maximum amount of $20 million CAD to support the multi-phased development of the St-Onge Wollastonite Deposit.
The Note Facility would be a staged credit facility that would provide the required financing to allow Vertical to move forward with four distinct phases of St-Onge development, from the initial quarry style permitting and production phase through to the mining and final processing plant stage. Vertical views this potential Note Facility financing as a significant development that would enable the Company to rapidly develop and expand its St-Onge Wollastonite Deposit.
Further details regarding the Note Facility Agreement will be provided as soon as all terms have been negotiated between Vertical and Venturevest. The Agreement is subject to a due diligence period that is anticipated to be completed within the next 60 days. This transaction is subject to the approval of the TSX Venture Exchange.
ABOUT VENTUREVEST REALTY PARTNERS LLC.
Venturevest Realty Partners LLC ("Venturevest") is a New York corporation.
ABOUT VERTICAL EXPLORATION
Vertical Exploration's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
https://vertxinc.com/
Neither the 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.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Vertical Exploration Inc.
View source version on accesswire.com:
https://www.accesswire.com/561835/Vertical-Exploration-Enters-into-an-LOI-with-Venturevest-Realty-Partners-for-Note-Facility-to-Support-Significant-St-Onge-Wollastonite-Development
