Nexus GOLD Receives Shareholder Approval FOR the Spinout of Its Canadian Projects
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NEXUS GOLD CORP.
Suite 802, 750 West Pender Street
Vancouver, BC, V6C 2T8
604-558-1919
NEWS RELEASE
NEXUS GOLD RECEIVES SHAREHOLDER APPROVAL FOR THE
SPINOUT OF ITS CANADIAN PROJECTS
Vancouver, Canada – August 10, 2022 – Nexus Gold Corp. (“Nexus Gold” or the “Company”) (TSX-V:
NXS, OTCQB: NXXGF, FSE: N6E) is pleased to advise that its proposed plan of arrangement (the
“Arrangement”), announced June 28, 2022, has received approval of the shareholders of the Company.
The Arrangement, which involves the spinout (the “ Spinout”) of the Company’s Canadian projects
(which include the McKenzie Gold Project, located in Red Lake, Ontario , and the 13,000-hectare
Cyclone Gold-Nickel-Copper project, located in the James Bay region, Quebec) was approved at a
special shareholders meeting held on August 4, 2022, by 99% of the votes cast at the meeting.
The Arrangement remains subject to approval by the Supreme Court of Briti sh Columbia. The court
hearing to obtain a final order approving the Arrangement is scheduled to take place on August 10,
2022. Completion of the Arrangement is also subject to approval of the TSX Venture Exchange.
In anticipation of completion of the Spi nout, t he Company has transferred all of its rights to the
Canadian projects to Nexus Metals Corp. (“Nexus Metals ”), a newly -established subsidiary of the
Company. A total of 45,390,465 shares of Nexus Metals (“Nexus Metals Shares”) will be distributed
on a pro rata basis to shareholders of the Company (“Nexus Gold Shareholders ”) pursuant to the
Arrangement. Based on the current outstanding share capital of the Company, it is anticipated that
this will result in Nexus Gold Shareholders r eceiving approximately 1 Nexus Metals Share for every 7
shares of the Company they hold.
Completion of the Arrangement is expected to occur on or about August 31, 2022.
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“With shareholder approval we’re pleased to move forward with the spinout plan,” sai d CEO, Alex
Klenman. “We look forward to listing Nexus Metals and revamping Nexus Gold to create two separate,
viable exploration companies with very specific mandates. The board feels this is the most effective
way to realize value contained within our project portfolios and we’re excited to move to the next steps
in the process,” continued Mr. Klenman.
The Company also advises it is continuing with its due diligence process in regard to the acquisition of
one or more projects for both Nexus Metals and N exus Gold. Updat es on this initiative, as well has
exploration plans for the months ahead, will be provided for both companies in the next few weeks.
Further information regarding the Arrangement and the Spinout is available in the Company’s
management information circular dated June 7, 2022, a copy of which is available under Nexus Gold’s
profile on SEDAR at www.sedar.com.
The Company shall in due course determine the record date for the purpose of determining the Nexus
Gold Shareholders entitled to receive Nexus Metals Shares under the Arrangement (the “ Distribution
Record Date ”). The payout date for the Nexus Metals Shares to be distributed to Nexus Gold
Shareholders pursuant to the Arrangement wil l be three Business Days following the Distribution
Record Date. A letter of transmittal will in due course be mailed to each Nexus Gold Shareholder and
be made available under Nexus Gold’s profile on SEDAR at www.sedar.com.
Cancellation of Stock Options
The Company is pleased to announce that it has entered into Stock Option Cancellation Agreements
with option holders holding in aggregate 7,000,000 incentive stock options to acquire common shares
of the Company at var ious prices. Pursuant to the agreements, the Company intends to cancel these
options without any further consideration.
Debt Settlement
The Company announces that it has completed the settlement of an outstanding payable in the amount
of $50,000 owing to a n arms -length service provider through the issuance of one million common
shares at a deemed price of $0.05 per share. The common shares issued in connection with the
settlement will be subject to restrictions on resale until November 12, 2022, in accordance with
applicable securities laws.
About the Company
Nexus Gold is a Canadian -based gold exploration and development company with an extensive
portfolio of projects in Canada and West Africa. The Company’s primary focus is on its 100% -owned,
Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the McKenzie Gold Project, located in Red
Lake, Ontario. The Company is focusing on the development of its core assets while seeking joint -
venture, earn-in, and strategic partnerships for other projects in its portfolio.
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For more information, please visit nxs.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
www.nexusgoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements. These statements are based on current expectations and assumptions
that are subject to risks and uncertainties. Actual results could differ materially bec ause of factors discussed in
the management discussion and analysis section of our interim and most recent annual financial statement or
other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do
not assume any obligation to update any forward-looking statements, except as required by applicable laws.