Nevada Sunrise Announces Debt Settlement
Nevada Sunrise Announces Debt Settlement
VANCOUVER, BC
,
July 22, 2020
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or
the "Company") (TSXV: NEV) announces that it has agreed to settle an aggregate of
$66,149.38
in
outstanding payables and debt owing to directors and current and former officers of the Company
through the issuance of 529,195 common shares at a deemed price of
$0.125
per share (the "
Debt
Settlement
").
Because the shares will be issued to directors and officers 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 TSX Venture Exchange ("
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 hereof. As a result, the Debt Settlement is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101.
Completion of the Debt Settlement is subject to the approval of the TSXV. Shares issued in
connection with the Debt Settlement will be subject to a four-month hold period in accordance with
applicable securities laws.
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% interest in a joint venture with New Placer Dome Inc.
(TSXV: NGLD) at the Kinsley Mountain Gold Project near
Wendover
, with the property subject to a
3.0% net smelter returns royalty.
Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and
Treasure Box
copper property, each located approximately 150 kilometers (100 miles) east of
Reno
, both of which are currently under option to Global Energy Metals Corp. (TSXV: GEMC) who
can earn up to an 85% participating interest from the Company. In
September 2018
, Nevada
Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, located in
Pershing
County
, approximately 48 kilometers (30 miles) southeast of
Winnemucca
.
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 within the Clayton Valley basin near Silver Peak,
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. 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.
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 of
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 18:33e 22-JUL-20