Business
Redstar Completes Sale of its Nevada Assets Resulting in 29.9% Ownership of NV Gold Corporation
(via Thenewswire.ca) Vancouver, BC / TheNewswire / September 30, 2016 - Redstar Gold ...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Redstar Completes Sale of its Nevada Assets Resulting in 29.9% Ownership of NV Gold Corporation(via Thenewswire.ca)\n\n \nVancouver, BC / TheNewswire / September 30, 2016 - Redstar Gold Corp. (TSX.V: RGC, US: RGCTF, FRA: RGG) (\"Redstar\" or the \"Company\") is pleased to announce it has closed the sale of its Nevada project portfolio to NV Gold Corporation (\"NVX\") (TSXV: NVX) for 6,172,730 common shares of NVX, representing 29.9% of the Company. This is as detailed in the terms of the agreement (the \"Purchase Agreement\") previously announced on September 2, 2016. This portfolio of properties consists of a 100% interest in 11 exploration projects (the \"Projects\") in Nevada as well as the AngloGold-Ashanti database (the \"Database\") purchased by Redstar in 2008. Concurrently, NVX completed a CDN$550,000 private placement, announced on August 26, 2016, to fund its corporate activities. Redstar believes that this transaction will ensure that its shareholders will share and benefit in the value that will be created from NV Gold's talented and experienced management team with the Nevada portfolio. \n\n\n \nPeter A. Ball, CEO of Redstar stated, \"Redstar is pleased to have completed the transaction with NV Gold and be able to participate in the next steps with its current 29.9% equity position and board representation on NV Gold. The quality and industry recognized experience of NV Gold's management team is perfectly suited for the Nevada portfolio, and as a new Director of NV Gold, I look forward to working closely with their new team.\" \n\n\n \n\"NV Gold is excited about the new direction of the Company. The closing of this transaction, combined with the associated financing, marks a new chapter in the development of NVX. In addition to the 11 projects being acquired under this transaction, NVX is aggressively moving to add new properties to this portfolio through the use of the Database and its in-house extensive geologic experience. Projects will be made available on a lease, joint-venture or sale basis, or on a case-by-case basis, may be further explored by the Company,\" commented John E. Watson, President of NVX.\n\n\n \nThe shares of NVX issued to Redstar are subject to a hold period expiring on January 30, 2017. NVX has appointed Mr. Peter A. Ball, current President & CEO of Redstar and Mr. Ken Booth, former CEO a...