GOLD State Announces Private Placement of Convertible Debenture Units
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
GOLD STATE RESOURCES INC.
NEWS RELEASE
GOLD STATE ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE UNITS
Vancouver, British Columbia (July 7, 2022) – Gold State Resources Inc. (formerly Cyon
Exploration Ltd.) (“Gold State” or the “ Company”) (TSXV: GOST | OTCQB: CYNXF | FSE: C2YD
announces that, further to its news release of April 14, 2022, it has closed the private placement
(the “ Private Placement ”) of unsecured convertible debenture units (the “ Convertible
Debenture Units”) for aggregate proceeds of $275,000. Pursuant to the Private Placement, 275
Convertible Debenture Units were issued at a price of $1,000 per Convertible Debenture Unit,
each Convertible Debenture Unit consisting of $1,000 in principal of unsecured convertible
debentures (the " Convertible Debentures ") and 6,666 common share purchase warrants (the
"Warrants") of the Company. Each Convertible Debenture is convertible into 20,000 common
shares (the “Shares”) of the Company at $0.05 per Share.
The proceeds of the Private Placement will be used for exploration of the Black Rock Canyon,
Panteria and Jumping Jack projects and for general working capital purposes.
The securities issued pursuant to the Private Placement are subject to a trading hold period
expiring four months plus one day from the closing date.
For further details, please refer to the Company’s news release of April 14, 2022
About Gold State
Gold State is engaged in the acquisition, exploration, and development of mineral properties in
North and South America. The Company is currently focused on its Black Rock Canyon gold
property that is favorably located within the Cortez gold trend of the Battle Mountain-Eureka
belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired
Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada,
approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the
eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s
well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain
open pit. The Company also remains focused on the acquisition of the Panteria Project in Peru,
as described in its November 23, 2021 news release.
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Gold State Resources Inc.
Per: “Brian Thurston”
Brian Thurston
President and CEO
Tel: +1 778 928-6565
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Forward-
looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to differ materially from
those in forward-looking statements include market prices, exploitation and exploration
successes on the Company’s Black Rock Canyon, Jumping Jack and other properties, and
continued availability of capital and financing, and general economic, market or business
conditions, laws in the state of Nevada and other jurisdictions where the Company operates.
Investors are cautioned that any such statements are not guarantees of future performance and
actual results or developments may differ materially from those projected in the forward-looking
statements. Forward-looking statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. Except as required by applicable
securities laws, the Company undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or opinions, or other factors, should
change.