VANCOUVER, British Columbia, March 30, 2015 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) announces that it has made an application to the TSX Venture Exchange (the "TSXV") to amend the terms of an aggregate of 2,605,000 outstanding share purchase warrants (the "Warrants"), 1,500,000 of which were issued on March 20, 2014 (the "March 2014 Warrants), and 1,105,000 of which were issued on May 13, 2014 (the "May 2014 Warrants") in connection with two non-brokered private placements (the "Private Placements - see Nevada Sunrise news releases dated March 20, 2014 and May 13, 2014 for further details on the Private Placements).
Nevada Sunrise has made application to the TSXV to amend the terms of the Warrants as follows:
- to extend the term of 1,500,000 March 2014 Warrants for an additional year to March 20, 2017, and to reduce the exercise price from $0.55 cents to $0.50; and
- to extend the term of 1,105,000 May 2014 Warrants for an additional two years to May 13, 2017, and, subject to the consent of the affected warrantholders, to reduce the exercise price from $1.35 to $0.50. In the case of the May 2014 Warrants, the amended exercise price will include an accelerated expiry clause such that the exercise period of the May 2014 Warrants will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term (the "Premium Trading Days"), the closing price of the common shares of Nevada Sunrise exceeds the exercise price of the May 2014 Warrants by 25% or more. The reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth Premium Trading Day.
Finder's warrants issued in connection with the Private Placements are not eligible for the proposed amendments. The proposed amendments to the terms of the Warrants are subject to acceptance by the TSXV.
About Nevada Sunrise
Nevada Sunrise is a junior gold exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in three exploration projects in Nevada, USA. Our three key assets include Kinsley Mountain near Wendover, the Golden Arrow project near Tonopah, and the recently-acquired Roulette property (formerly known as the Grulla property) near Ely, Nevada.
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.