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Nevada Sunrise Monetizes Clayton Northeast Lithium Project Via Sale to Pure Energy Minerals
Nevada Sunrise Monetizes Clayton Northeast Lithium Project Via Sale to Pure Energy Mineral...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n\n\n\nNevada Sunrise Monetizes Clayton Northeast Lithium Project Via Sale 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, Nov. 8, 2017\n\n\n\nTSXV: NEV\n\n\n\nVANCOUVER, Nov. 8, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) announced today that the Company and its exploration partner Advantage Lithium Corp. (\"Advantage Lithium\") (together, the \"Vendors\") have signed an asset purchase agreement (the \"Agreement\") to effect the sale of the Clayton Northeast project (\"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, the only producing lithium mine in North America.\n\n\n \n \n\n \nThe purchase price for Clayton NE is 7.0 million common shares of Pure Energy (the \"PE Shares\").  The PE Shares will be issued to the Vendors by Pure Energy on closing of the transaction (the \"Closing\"), which is expected to occur on or before November 30, 2017. Prior to Closing, Advantage Lithium intends to fully exercise its option to earn a 70% participating interest in Clayton NE.  At Closing, Nevada Sunrise will receive 2,100,000 PE shares, representing its 30% interest in Clayton NE, and Advantage Lithium will receive 4,900,000 PE shares.\n\n\"The sale of Clayton NE to Pure Energy represents the culmination of a successful exploration program in Nevada's most prolific lithium district,\" said Warren Stanyer, President and CEO of Nevada Sunrise. \"The Clayton NE claims are a complement to Pure Energy's current lithium brine project and we are pleased to participate as their shareholder during future development in the area.\"\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 respec...