RESOLVE VENTURES CLOSES PRIVATE PLACEMENT, SIGNS DEFINITIVE AGREEMENT FOR NEPTUNE LITHIUM PROPERTY
Resolve Ventures Inc. has closed its previously announced private placement and signed a definitive agreement with respect to its option on the Neptune lithium property located in Clayton Valley, Nevada.
The company has now closed the non-brokered private placement of 10,985,000 units at a price of five cents per unit, raising gross proceeds of $549,250. Each unit consisted of one common share of the company and one transferable share purchase warrant, with each warrant entitling the holder to acquire one share at a price of 10.5 cents per share for a period of 36 months.
The company intends to use the net proceeds of the private placement to finance exploration on the Neptune property and for working capital purposes.
The company paid to finders in the private placement a total of $54,925 in cash and issued 1,098,500 finder's warrants. Each finder's warrant entitles the holder to purchase one share at a price of 10.5 cents for a period of 36 months. All of the securities issued in the private placement are subject to a four-month hold period that will expire on Sept. 4, 2016.
Neptune property joint venture and option agreement
The company is also pleased to announce that it has executed a joint venture and option agreement with Nevada Sunrise Gold Corp. Pursuant to the definitive agreement, Nevada Sunrise granted the company an exclusive option to acquire up to a 50-per-cent undivided interest in and to Nevada Sunrise's interest in the Neptune lithium property. The definitive agreement supersedes the interim agreement between the parties, which was previously announced in the company's news release issued March 4, 2016.
As required by the definitive agreement, the company issued 200,000 common shares to Nevada Sunrise, paid $50,000 in cash to Nevada Sunrise and advanced $300,000 to Nevada Sunrise in respect of exploration expenditures. The company also issued 200,000 common shares to a finder in consideration for the finder identifying the property and facilitating negotiations between the parties. All shares issued by the company in connection with the property option are subject to a four-month hold period that will expire on Sept. 4, 2016.
A technical report on the Neptune property, prepared in accordance with National Instrument 43-101, was filed on SEDAR on May 3, 2016.Back to Past News