Nevada Sunrise to Revise Amendment Application of Warrant Terms and Grants Stock Options
NEVADA SUNRISE TO REVISE AMENDMENT
APPLICATION OF WARRANT TERMS AND
GRANTS STOCK OPTIONS
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR TO
UNITED STATES
NEWSWIRE
SERVICES/
Vancouver, BC
,
Nov. 22, 2023
/CNW/ - Nevada Sunrise Metals Corporation ("
Nevada Sunrise
", or
the "
Company
") (TSXV: NEV) (OTC: NVSGF) announced today that its pending application to the
TSX Venture Exchange (the "
TSXV
") to amend the terms of 7,500,000 common share purchase
warrants issued on
June 29, 2022
(the "
2022
Warrants
") will be revised (see Nevada Sunrise news
release dated
November 10, 2023
).
Nevada Sunrise has learned that its proposal to reduce the exercise price of the 2022 Warrants
from
$0.30
to
$0.15
would contravene TSXV policy unless the unanimous consent of the
warrantholders is obtained and an acceleration clause is introduced to the exercise provisions of the
2022 Warrants, actions which the Company has deemed impracticable. Therefore, Nevada Sunrise
will file an application to reduce the exercise price of the 2022 Warrants from
$0.30
to
$0.205
, which
is an exercise price reduction consistent with TSXV policy.
The application by the Company to extend the term of the 2022 Warrants to
June 29, 2026
and to
reduce their exercise price to
$0.205
is subject to the acceptance of the TSXV.
Grant of Stock Options
The Company also wishes to announce that it has granted a total of 4,400,000 stock options to
directors, officers and consultants of the Company, exercisable at a price of
$0.08
per share for a
period of five years from the date of grant. The stock options have been granted in accordance with
the Company's stock option plan.
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 lithium, gold, and copper exploration projects located
in the
State of Nevada, USA
.
Nevada Sunrise owns 100% interests in the Gemini,
Jackson Wash
and Badlands lithium projects, all
of which are located in the Lida Valley basin in
Esmeralda County, NV
, located just east of the
Clayton Valley basin, which hosts the only producing lithium mine in
the United States
operated by
Albemarle Corp. at Silver Peak, NV.
The Company owns Nevada water right Permit 86863, also
located in the Lida Valley basin, near Lida, NV.
The Company's key gold asset is at the Kinsley Mountain Gold Project near
Wendover, NV
in a joint
venture with CopAur Minerals Inc. 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 Au (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51
g/t Au (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au
1
. Due to its
current focus on lithium exploration and development in
Nevada
, the Company elected not to
contribute to the 2023 exploration program at Kinsley Mountain and will incur dilution of its
participating interest in the joint venture to an approximate 19.0% interest.
1
Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an effective date of May 5, 2021 and prepared by Michael M. Gustin, Ph.D.,
and Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (
www.sedar.com
).
Nevada Sunrise has the right to earn a 100% interest in the
Coronado VMS Project
, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca, NV.
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
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.
Such factors include, among others, risks related to future plans for the calculation of a mineral
resource estimate and a PEA at the Gemini Lithium Project; reliance on technical information
provided by third parties on any of our exploration properties; changes in mineral project
parameters as plans continue to be refined; current economic conditions; future prices of
commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and
other risks of the mining industry; delays due to pandemic; delays in obtaining governmental
approvals, financing or in the completion of exploration, as well as those factors discussed in the
section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Nine
Months ending
June 30
, 2023, which is available under Company's SEDAR profile at
www.sedar.com
.
Although Nevada Sunrise has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results not to be as anticipated, estimated
or intended. There can be no assurance that such information will prove to be accurate as actual
results and future events could differ materially from those anticipated in such statements. Nevada
Sunrise disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise. Accordingly, readers should not
place undue reliance on forward-looking information.
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.
SOURCE
Nevada Sunrise Metals Corporation
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For further information:
Warren Stanyer, President and Chief Executive Officer, email:
Telephone: (604) 428-8028 or Jason Powell, Corporate
Communications, email: [email protected]
Telephone: (604) 779-6497, Website:
www.nevadasunrise.ca
CO: Nevada Sunrise Metals Corporation
CNW 16:56e 22-NOV-23