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Nevada Sunrise acquire Clayton Valley Water Rights Option from Advantage Lithium

Mining News - Published on Fri, 17 Aug 2018

Image Source: newswire.ca
Nevada Sunrise Gold Corporation announced that it has executed a termination agreement (the "Agreement") with Advantage Lithium Corp. ("Advantage") (TSXV: AAL) to cancel Advantage's option to earn an interest in the Company's water right in the Clayton Valley of Nevada, namely Permit 44411 ("the Water Rights Option"). In consideration for the termination of the Water Rights Option, Nevada Sunrise will issue to Advantage an aggregate of 1,700,000 common shares of Nevada Sunrise (the "Termination Shares").

In addition to statutory and TSX Venture Exchange ("TSXV") imposed hold periods, the Termination Shares will be subject to hold periods that expire, as follows:
425,000 Termination Shares to be issued upon execution of the Agreement;
425,000 Termination Shares on the date that is 6 months from the signing of the Agreement;
425,000 Termination Shares on the date that is 12 months from the signing of the Agreement;
425,000 Termination Shares on the date that is 18 months from the signing of the Agreement.

During the hold periods described above, Advantage Lithium agrees that it will not sell, assign, transfer, or otherwise trade the Termination Shares without the prior written consent of Nevada Sunrise. Completion of the transactions contemplated by this Agreement are subject to the approval of the TSXV. This Agreement will terminate if Nevada Sunrise does not obtain TSXV approval within 60 days of the execution of this Agreement.

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Posted By : Rabi Wangkhem on Fri, 17 Aug 2018
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