Nevada Sunrise Announces Closing of Debt Settlement
Nevada Sunrise Announces Closing of Debt
Settlement
TSX Venture Exchange: NEV
VANCOUVER, BC
,
July 30, 2021
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or
the "Company") (TSXV: NEV) announces that following its news release of
June 21, 2021
, it has
received approval from the TSX Venture Exchange ("TSXV") for a shares-for-debt transaction to
settle an aggregate of
$18,793.48
in indebtedness to the Company's independent directors through
the issuance of 221,099 common shares of the Company (the "
Settlement Shares
"), at a deemed
price of
$0.085
per Settlement Share (the "
Debt Settlement
"). Accordingly, the Company
announces that it has completed the Debt Settlement. The Settlement Shares are subject to the
statutory hold period of four months and a day, expiring
December 1, 2021
.
Related Party Transactions
Because the Settlement Shares will be issued to directors of the Company, the Debt Settlement will
constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"), which is incorporated
into Policy 5.9 of the TSXV Corporate Finance Manual.
The Board of Directors of the Company has determined that neither the value of the shares issued
to, nor the aggregate debt settled with respect to, any directors or officers of the Company in
connection with the Debt Settlement will exceed 25% of the Company's market capitalization on the
date the Debt Settlement was agreed to and on the date hereof. As a result, the Debt Settlement is
exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in
Vancouver, BC
,
Canada
, that holds interests in gold, copper, cobalt and lithium exploration projects
located in the
State of Nevada, USA
.
The Company's key gold asset is a 20.01% interest in a joint venture with New Placer Dome Gold
Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near
Wendover
.
Kinsley Mountain
is a
Carlin-style gold project hosting a National Instrument 43-101 compliant gold resource consisting of
418,000 indicated ounces of gold grading 2.63 g/t gold (4.95 million tonnes), and 117,000
inferred ounces of gold averaging 1.51 g/t gold (2.44 million tonnes), at cut-off grades
ranging from 0.2 to 2.0 g/t gold
1
.
1
Technical Report of the Kinsley Project,
Elko
and
White Pine
Counties,
Nevada, U.S.A.
, effective
May 5, 2021
and prepared by
Michael M. Gustin
, CPG, and
Gary L. Simmons
, MMSA Q.P. filed
on SEDAR under New Placer Dome Gold Corp.'s Issuer Profile (
www.sedar.com
).
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca
. The Company owns a 15%
interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located
approximately 150 kilometers (100 miles) east of
Reno
, with Global Energy Metals Corp. (TSXV:
GEMC) holding an 85% participating interest.
Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of
which are located in
Esmeralda County
. The Company owns Nevada water right Permit 44411,
located in the Clayton Valley basin near Silver Peak,
Nevada
, and water right Permit 86863, located
in the Lida Valley basin, near Lida,
Nevada
.
FORWARD-LOOKING STATEMENTS
This release may contain 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 and may
include disclosure of anticipated exploration activities. 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 forward-looking statements.
Forward
–
looking statements are based on the beliefs, estimates and opinions of the Company's
management on the date such statements were made. The Company expressly disclaims any
intention or obligation to update or revise any forward-
looking statements whether as a result of
new information, future events or otherwise.
Other risk factors are discussed in the section entitled
"Risk Factors" in the Company's Management Discussion and Analysis for the Six Months ended
March 31, 2021
, which is available under Company's SEDAR profile at
www.sedar.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. The securities of Nevada Sunrise Gold Corporation have not been
registered under the United States Securities Act of 1933, as amended, and may not be
offered or sold within
the United States
or to the account or benefit of any U.S. person.
SOURCE
Nevada Sunrise Gold Corporation
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For further information:
Warren Stanyer, President and Chief Executive Officer, Telephone: (604)
428-8028, Facsimile: (604) 684-9365, email: [email protected]
CO: Nevada Sunrise Gold Corporation
CNW 17:51e 30-JUL-21