Business
Nevada Sunrise Announces Debt Settlement
VANCOUVER, BC, July 22, 2020 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) announces that it has agreed to settle an a
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":" VANCOUVER, BC, July 22, 2020 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) announces that it has agreed to settle an aggregate of $66,149.38 in outstanding payables and debt owing to directors and current and former officers of the Company through the issuance of 529,195 common shares at a deemed price of $0.125 per share (the \"Debt Settlement\"). Because the shares will be issued to directors and officers 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 TSX Venture Exchange (\"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 hereof. As a result, the Debt Settlement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. Completion of the Debt Settlement is subject to the approval of the TSXV. Shares issued in connection with the Debt Settlement will be subject to a four-month hold period in accordance with applicable securities laws. 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% interest in a joint venture with New Placer Dome Inc. (TSXV: NGLD) at the Kinsley Mountain Gold Project near Wendover, with the property subject to a 3.0% net smelter returns royalty. Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno, both of which are currently under option to Global Energy Metals Corp. (TSXV: GEMC) who can earn up to an 85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, loca...