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Nevada Silver Increases Ownership of North Star Manganese Inc to 100% Via Acquisition of Minority Shareholder Interests
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES Completes acquisition...
About this update from Electric Metals Usa Limited
[{"type":"text","content":"Nevada Silver Increases Ownership of North Star Manganese Inc to 100% Via Acquisition of Minority Shareholder InterestsNOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRESCompletes acquisition of all outstanding shares of North Star Manganese Inc via share exchange with minority NSM shareholders.Increases NSC shareholder exposure to 100% of the high-grade Emily Manganese Project in Minnesota, USA.Drilling progresses on schedule at the Emily Manganese Project with seven diamond core drill holes now completed and additional samples submitted for analyses. Assays from the initial three drill holes are expected in coming weeks.TORONTO, ON / ACCESSWIRE / April 4, 2023 / Nevada Silver Corporation (\"NSC\" or the \"Company\") (TSXV:NSC)(OTCQB:NVDSF) is pleased to announce it has completed the acquisition of all of the outstanding securities of North Star Manganese Inc (\"NSM\") that it did not already hold through its wholly-owned subsidiary Electric Metals (USA) Pty Limited (\"EML\") (the \"NSM Share Acquisition\"). As disclosed in the news release of the Company dated August 31, 2022, NSM closed the sale of 3,160,233 of its shares (the \"NSM Shares\") representing 9.5% of its issued and outstanding shares of NSM on August 31, 2022. The other 90.5% of the outstanding shares continued to be held by EML. On November 23, 2022, the Company announced that the Emily Manganese Project will become the Company's flagship asset and that the Company planned to change its name to \"Electric Metals (USA) Limited\" in order to better reflect the entirety of its value proposition as a developer of battery and technology-related minerals, including its US manganese and silver properties.As a result, the Company determined to repurchase the NSM Shares and the NSM Share Acquisition was accomplished pursuant to share exchange agreements whereby each holder of NSM Shares agreed to exchange their NSM Shares for units of NSC (the \"Units\") on the basis of 2.04545 Units per NSM Share, with each Unit comprised of one common share and one common share purchase warrant (the \"Warrant\"). In the aggregate the Company issued 6,464,113 Units to the (former) NSM Shareholders. Each Warrant is exercisable to acquire one common share of the Company (the \"Common Shares\") at a price of $0.25 per Common Share for a period of 24 months following issua...