GOLD State Announces Shares FOR Debt Transaction
GOLD STATE RESOURCES INC.
NEWS RELEASE
GOLD STATE ANNOUNCES SHARES FOR DEBT TRANSACTION
Vancouver, British Columbia (March 16, 2022) – Gold State Resources Inc. (formerly Cyon
Exploration Ltd.) (“Gold State” or the “Company”) (TSXV: GOST | OTCQB: CYNXF | FSE: C2YD
announces that it has agreed to settle an aggregate of $110,000 of debt through the issuance of
common shares of the Company (the “Debt Settlement”) to certain arm’s length creditors of the
Company (the "Creditors"). Pursuant to the Debt Settlement, the Company would issue to the
Creditors up to 2,200,000 common shares of the Company (the "Shares") at a deemed price of
$0.05 per Share. The Debt Settlement will help to preserve cash for general working capital
purposes.
The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture
Exchange. All Shares issued will be subject to a four month hold period which will expire on the
date that is four months and one day from the date of issue.
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.
Gold State Resources Inc.
Per: “Brian Thurston”
Brian Thurston
President and CEO
Tel: +1 778 928-6565
2
2
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.