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 gold1.
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