VANCOUVER, British Columbia, June 28, 2019 (GLOBE NEWSWIRE) -- Nevado Resources Corporation ("Nevado" or the "Company") (NEX: VDO.H) is pleased to announce that at its Annual and Special General Meeting held June 26, 2019, Tyson King, David Atkinson, Marcel Bergeron, Jean-Guy Masse, Virginia Olnick and Doug Walden were re-elected to the Board of Directors. Nevado's shareholders also voted in favour of approving the continuance of the Company from the Canada Business Corporations Act to the Business Corporations Act (British Columbia), subject to approval by the applicable regulatory authorities; and disposition of the Company's 100% interest in and to the La Blache property in Northern Quebec (the "Property Disposition").
The Company also announces in connection with the Property Disposition, that it has entered into an arm's length asset purchase agreement (the "Agreement") with Ridge Royalty Corp. ("Ridge Royalty"), pursuant to which the Corporation proposes to sell to Ridge Royalty (the "Transaction"), its 100% interest in and to the La Blache property, which is comprised of 48 mining claims covering a total area of 2,653 hectares (27 km2) in Northern Quebec (the "Property"). Pursuant to the Agreement, Ridge Royalty will purchase the Property from the Corporation for the purchase price of $50,000. The Corporation may be issued up to 1,500,000 common shares (the "Bonus Shares") of a third party subsequent purchaser (the "Subsequent Purchaser") in the event that Ridge Royalty sells or options the Property to a Subsequent Purchaser within 18 months of the date of the Agreement (the "Bonus Shares Event"). Ridge Royalty will use its commercially reasonable best efforts to cause the Subsequent Purchaser to issue the Bonus Shares to the Corporation within 30 days of the occurrence of a Bonus Shares Event.
The Transaction is subject to a number of conditions customary for a transaction of this nature, including the approval of the TSX Venture Exchange and the accuracy of the representations and warranties contained in the Agreement in all material respects.
On behalf of the Board of Directors,
Nevado Resources Corporation
Mr. Tyson King, President and CEO
For further information, please contact the Company at:
Tel.: (604) 683-3396
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the NEX nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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