Business
Nexus Gold Announces Board and Management Changes and Debt Settlement Transaction
(TheNewswire) Vancouver, British Columbia – November 22, 2024 – ...
About this update from Nexus Gold Corp.
Nexus Gold Announces Board and Management Changes and Debt Settlement Transaction (TheNewswire) Vancouver, British Columbia – November 22, 2024 – TheNewswire - NEXUS GOLD CORP. (the “ Company ”) (TSX.V: NXS) is pleased to announce that Edward Kelly has been appointed as Chief Executive Officer of the Company, and Kevin Hart has been appointed as Chief Financial Officer, effective immediately.  Both Messrs. Kelly and Hart have also been appointed to the board of directors of the Company. Messrs. Kelly and Hart fill vacancies created by Milad Zareian, Brian Shin and Kevin Shum, each of which have resigned from their roles with the Company.  The board of directors would like to thank Messrs. Zareian, Shin and Shum for their prior service to the Company. Following these changes, the board of directors of the Company is comprised of Edward Kelly, Kevin Hart, Alex Klenman, Warren Robb and Rodney Stevens. Debt Settlement Transaction The Company also announces that it has reached an agreement with Belgravia Hartford Capital Inc. (“ Belgravia ”) to settle all outstanding indebtedness (the “ Indebtedness ”) currently owing to Belgravia.  The Company is currently indebted to Belgravia in the principal amount of $515,000, plus accrued interest, in connection with previous unsecured loans advanced to the Company for working capital purposes.  In settlement of the Indebtedness, the Company proposes to issue 10,300,000 common shares (the “ Settlement Shares ”) at a deemed price of $0.05 per Settlement Share, and 1,800,000 share purchase warrants (the “ Settlement Warrants ”).  Each Settlement Warrant will entitle the holder to acquire an additional common share at a price of $0.05 for a period of twelve months. The Company is at arm’s-length from Belgravia.  In connection with completion of the settlement, Belgravia has directed the Company to issue 1,000,000 of the Settlement Shares to an arms-length third-party.  All securities issued in connection with settlement of the Indebtedness will be subject to restrictions on resale for a period of four months and one day, in accordance with applicable securities laws, and 5,150,000 of the Settlement Shares will be subject to additional restrictions on resale for a total of six months.  Belgravia ...