Nexus Announces Option Agreement and Issuance of Shares for Debt
Nexus Announces Option Agreement and
Issuance of Shares for Debt
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Nexus Uranium Corp. (CSE: NEXU)
(OTCQB: GIDMF) (FSE: 3H1) (the "
Company
" or "
Nexus
") is pleased to announce it has entered into
an option agreement (the "
Option Agreement
") with River Road Resources Ltd. ("
River Road
").
Pursuant to the terms of the Option Agreement, River Road has been granted an option to earn up to a
100% interest in the Company's Stobart project, comprised of two mineral claims totalling approximately
724 hectares located in the Clinton Mining District of British Columbia (the "
Stobart Property
").
The option may be exercised in two stages. To earn a 60% interest in the Stobart Property, River Road
must pay the Company $15,000 within five business days of the date of the Option Agreement, complete
$100,000 in expenditures on the Stobart Property within 12 months of the date of the Option Agreement,
and issue the Company 800,000 common shares within 10 business days of River Road being listed on
either the TSX Venture Exchange or the Canadian Securities Exchange. To earn the remaining 40%
interest, River Road must issue the Company an additional 1,500,000 common shares and complete an
additional $200,000 in expenditures on the Stobart Property within 30 months of the date of the Option
Agreement. In the event River Road acquires a 100% interest, the Company will be granted a 2% net
smelter royalty, half of which may be repurchased by River Road for $2,000,000.
The Company also announces that it proposes to issue 115,942 common shares at a deemed price of
$0.345 per common share as payment for an advisory fee of $40,000 owed to Canaccord Genuity Corp.
(the "
Debt Settlement
") The Debt Settlement remains subject to the approval of the Canadian
Securities Exchange and all common shares issued pursuant to the Debt Settlement will be subject to a
four month statutory hold period under applicable securities laws.
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East
uranium project in the Athabasca Basin in addition to its precious metals portfolio that includes the
Napoleon gold project in British Columbia and a package of gold claims in the Yukon. The Cree East
project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752
hectares (142,708 acres) and has seen over $20 million in exploration to date. The Napoleon project
comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with
exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold
projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold
mineralization with historical grab sampling highlights of 144 g/t gold.
--
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
This news release includes certain statements and information that may constitute "forward-looking
information" within the meaning of applicable Canadian securities laws. Generally, forward-looking
statements and information can be identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "should", "would" or "occur". All statements in this news release,
other than statements of historical facts, including statements regarding future estimates, plans,
objectives, timing, assumptions or expectations of future performance are forward-looking statements
and contain forward-looking information, including, but not limited to, exercise of the option by River
Road and completion of the Debt Settlement.
Forward-looking statements are based on certain
material assumptions and analysis made by the Company and the opinions and estimates of
management as of the date of this news release, including, but not limited to the assumption that
River Road will complete all requirements necessary to exercise the option and that the Canadian
Securities Exchange will approve the Debt Settlement. Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different from those expressed
or implied by such forward-looking statements or forward-looking information, including, but not limited
to the risk that the River Road elects not to proceed with the option, Canadian Securities Exchange
does not approve the Debt Settlement, stock market volatility and capital market fluctuations, general
market and industry conditions, as well as those risk factors discussed in the Company's most
recently filed management's discussion & analysis. Although management of the Company has
attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Readers are cautioned that reliance on
such information may not be appropriate for other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information or financial outlook that are
incorporated by reference herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/238531