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Nevada Sunrise announces closing of sale of Clayton Valley Northeast lithium project to Pure Energy Minerals
Nevada Sunrise announces closing of sale of Clayton Valley Northeast lithium project to Pu...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n\n\n\nNevada Sunrise announces closing of sale of Clayton Valley Northeast lithium project to Pure Energy Minerals\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 6, 2017\n\n\n\nTSXV: NEV\n\n\n\nVANCOUVER, Dec. 6, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce, further to its news release dated November 8, 2017, that the Company and its exploration partner Advantage Lithium Corp. (\"Advantage Lithium\") (together, the \"Vendors\") have completed the sale of the Clayton Northeast and Triton lithium projects (collectively, \"Clayton NE\") to Pure Energy Minerals Limited of Vancouver, B.C., Canada  (TSXV: PE) (\"Pure Energy\"). Clayton NE is located adjacent to the Silver Peak lithium brine mine in Esmeralda County, Nevada, which has produced lithium since 1966.\n\n\n \n \n\n \nAt closing, Pure Energy issued to the Vendors an aggregate of 7.0 million common shares of Pure Energy (the \"PE Shares\"), of which 2,100,000 PE Shares were issued to Nevada Sunrise and 4,900,000 to Advantage Lithium.\n\nThe Vendors have agreed to voluntary restrictions on the trading of the PE Shares for a period of 27 months, with partial quarterly releases commencing after 18 months.  In addition, the Vendors have agreed that for a period of 24 months following closing, they will vote their respective PE Shares at meetings of shareholders of Pure Energy in favour of all matters proposed by Pure Energy's management.\n\nPure Energy has agreed to assume a 3.0% gross overriding royalty and certain other obligations of Nevada Sunrise pursuant to an underlying option agreement.\n\nAbout Clayton NE\n\nClayton NE (including the Triton claims acquired by the Vendors in May 2017) consists of 74 unpatented claims totaling approximately 1,460 acres (590 hectares) located in the Clayton Valley basin of Esmeralda County, Nevada, and is contiguous to the southern and eastern boundaries of Albemarle Corporation's Silver Peak mine property. A successful 6-hole drilling program carried out by Nev...