Norvista Capital Announces Closing of Limited Partnership Financing - Yahoo News
TORONTO, ON / ACCESSWIRE / April 6, 2016 / Norvista Capital Corporation (NVV.V) ("Norvista" or the "Company") is pleased to announce that Norvista Capital I Limited Partnership (the "LP") has closed its previously announced financing (the "Financing") in the amount of $3,150,000. The LP, which is managed by the Company, will invest alongside Norvista on a pro rata basis in qualifying investments. Norvista and the LP invested in the recent, oversubscribed $2,000,000 equity financing by Nevada Zinc Corporation which closed on March 31, 2016. The LP, under the management of Norvista, will use the net proceeds from the Financing to invest in both public and private companies engaged in the exploration and development of base and precious metal projects in the junior resource sector and for general working capital purposes.
The Company also announces effective today that the board of directors of Norvista have granted a total 1,775,000 stock options to certain officers and directors pursuant to the Company's incentive stock option plan. Of the stock options granted, 1,175,000 vest on the date of issuance with the remaining 600,000 vesting over the next 12 months based upon the satisfaction of certain performance criteria.. The options are exercisable at a price of $0.20 per common share and expire on April 6, 2021.
Norvista is a resource based merchant bank that began operations and was listed for trading on the TSX Venture Exchange in June of 2014. The Company's strategy is to capitalize on the significant asset value contraction that has occurred over the last several years in the resource industry, with particular emphasis on base metal projects. Norvista focuses its efforts on the pursuit of highly prospective exploration projects while balancing exploration risk through investment in small to mid-scale, pre-production, opportunities requiring partial or full completion of feasibility studies. The Company takes a proactive role with its investee companies and in the majority of cases assumes management or advisory roles and/or seats on the board of directors of these companies. Management is of the view that current market conditions allow the Company to significantly mitigate political and country risk by pursuing investments in some of the world's top ranked mining jurisdictions.
For further information about Norvista or the LP contact:
Norvista Capital Corporation
141 Adelaide St. W., Suite 1660
Toronto, Ontario M5H 3L5
Tel: (416) 504-4171
Don Christie, President and CEO
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Norvista Capital Corporation
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