NSGold Corporation Completes Transaction with Globex Mining Enterprises Inc.
Monday, April 15, 2019 9:12 AM
BEDFORD, NS / ACCESSWIRE / April 15, 2019 / NSGold Corporation (TSX-V: NSX) is pleased to announce that it has completed its previously announced transaction with Globex Mining Enterprises Inc. (TSV:GMX) by issuing 1,745,408 common shares to Globex. As set out in NSGold's press release of March 20, 2019, NSGold and Globex amended certain terms of their agreement dated April 14, 2010 whereby NSGold acquired 100% ownership of the Mooseland Gold Property and certain secondary properties from Globex. Pursuant to the amendment, a gross metal royalty payable by NSGold to Globex on the properties was reduced from 4% to 2% and a share issuance by NSGold to Globex conditional upon commencement of commercial production on any of the properties was eliminated.
As a result of the share issuance, NSGold has 15,708,672 issued and outstanding common shares, of which Globex holds approximately 11.1%. The 1,745,408 common shares issued to Globex are subject to a ''hold period'' which expires on August 13, 2019.
NSGold's principal property is the Mooseland Gold Property located in the Canadian province of Nova Scotia only 12 kilometers from Atlantic Gold Corporation's Moose River Gold Mine which commenced commercial production in March 2018. The Mooseland Gold Deposit has a non-diluted inferred gold resource of 454,000 ounces using a cut-off grade of 2.6 grams per tonne. NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: NSGold Corporation