VANCOUVER, April 24, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) announces that it has made an application to the TSX Venture Exchange (the "TSXV") to amend the term of an aggregate of 1,105,000 outstanding share purchase warrants, which were issued on May 13, 2014 (the "Warrants") in connection with a non-brokered private placement (see Nevada Sunrise news release dated May 13, 2014.)
The Company is seeking to extend the term of the Warrants for an additional two years, to May 13, 2019. The exercise price of the Warrants was previously reduced from $1.35 to $0.50, and the expiry date was previously extended to May 13, 2017 (see Nevada Sunrise news release March 30, 2015). The Warrants include an accelerated expiry clause such that the exercise period will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term, the closing price of the common shares of Nevada Sunrise exceeds the exercise price of the Warrants by 25% or more ("the Premium Trading Days"). The reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth Premium Trading Day.
The application to extend the expiry date of the Warrants to May 13, 2019 is subject to acceptance by the TSXV.
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 nine mineral exploration projects in the State of Nevada, USA. Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include options to earn a 75% interest in the Neptune project (Resolve Ventures Inc. (TSXV: RSV) owns a 25% interest), a 100% interest in the Clayton Northeast project, and a 100% interest in the Aquarius Project, all located in the Clayton Valley area. The Company also holds options to earn 100% interests in the Jackson Wash and Atlantis projects, and has a 50% participating interest in the Gemini project, each located in playas proximal to the Clayton Valley. The Company has optioned five of the Nevada lithium projects to Advantage Lithium Corp. (TSXV: AAL), and the Atlantis project is currently under option to American Lithium Corp. (TSXV: LI). The Salt Wells Lithium project, in the Carson Basin near Reno, is currently the subject of due diligence by the Company.
The Company's three key gold assets include a 21% interest in a joint venture with Pilot Gold Inc. (TSX: PLG) at Kinsley Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah, and an option to earn a 100% interest in the Roulette gold property in the southeastern Carlin trend near Ely, with each of the properties subject to certain production royalties.
FORWARD LOOKING STATEMENTS
This release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
SOURCE Nevada Sunrise Gold Corporation
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, Email: [email protected]