Nevada Sunrise Gold Corporation (“Nevada Sunrise” or the “Company”) is pleased to announce that it has closed the final tranche of a private placement of units (the “Units”) for proceeds of $510,400 (the “Offering”).
The Offering’s proceeds will be used by Nevada Sunrise for the advancement of the Company’s gold exploration projects in Nevada as well as for general working capital purposes.
The final tranche of the Offering consisted of 6,630,000 units, with a purchase price of $0.08 per Unit. Each Unit was comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of Nevada Sunrise at an exercise price of $0.12 per common share until October 17, 2021.
The Offering attracted a number of new U.S and European investors and brings the total gross proceeds raised from the private placement to $2.44 million, which includes 2,630,000 non-flow through common share units and 13,250,000 flow-through common share units at $0.07 per unit and $0.11 per unit respectively.
The Units have a hold period of four months and a day from the date of issuance in accordance with applicable Canadian securities laws and the rules of the TSX Venture Exchange (the “Exchange”). The securities issued and issuable under the Offering and the warrants issued in connection therewith, including the shares issuable upon the exercise thereof, are subject to a four-month restriction on resale.
The Company is also pleased to announce that, in connection with the closing of the Offering, it has paid an aggregate of $168,600 in cash finder’s fees, and will issue 1,633,000 finder’s fee warrants (the “Finder’s Fee Warrants”) with each Finder’s Fee Warrant being exercisable to purchase one common share of the Company at $0.12 per share until October 17, 2021.
Upon completion of the Offering, Nevada Sunrise’s issued and outstanding common shares totaled 63,344,270 common shares on an undiluted basis and 75,360,270 common shares on a fully-diluted basis.
Nevada Sunrise is a Canadian-based exploration company focused on fast-tracking the development of three gold properties located in Nevada, USA. The Company holds 14 patented mining claims and 16 unpatented mining claims at its Kinsley Goldfield project in the Lida Valley region, the Jane Project in the Reveille Range region and the Lemoyne Project in the Aurora Mining District.
The Company is focused on increasing operational efficiencies and exploring and developing high-grade gold deposits. Nevada Sunrise is committed to creating shareholder value and is positioned to unlock significant value within its projects.
