Business
Nevada Sunrise Announces Closing of Debt Settlement
Nevada Sunrise Announces Closing of Debt Settlement Canada NewsWire T...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n \n \n \n Nevada Sunrise Announces Closing of Debt Settlement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX Venture Exchange: NEV\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 30, 2021\n \n /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) announces that following its news release of\n \n June 21, 2021\n \n , it has received approval from the TSX Venture Exchange (\"TSXV\") for a shares-for-debt transaction to settle an aggregate of\n \n $18,793.48\n \n in indebtedness to the Company's independent directors through the issuance of 221,099 common shares of the Company (the \"\n \n Settlement Shares\n \n \"), at a deemed price of\n \n $0.085\n \n per Settlement Share (the \"\n \n Debt Settlement\n \n \"). 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\n \n December 1, 2021\n \n .\n \n \n \n \n \n \n \n \n \n \n Related Party Transactions\n \n \n \n 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\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"), which is incorporated into Policy 5.9 of the TSXV Corporate Finance Manual.\n \n \n 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.\n \n \n \n About Nevada Sunrise\n \n \n \n Nevada Sunrise is a junior mineral exploration comp...