(TheNewswire)
Vancouver BC - TheNewswire - August 28, 2023 - Nexus Gold Corp. (the “ Company ”) (TSX.V:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce that it hasreached agreements with two arms-length creditors (collectively,“ Creditors ”) of the Company to settle (the “ Settlement ”)outstanding indebtedness totaling $735,821 through the issuance of14,716,422 common shares (the “ Settlement Shares ”) at a deemed price of$0.05 per Settlement Share. The outstanding indebtedness comprisesprincipal amounts which were previously advanced to the Company forworking capital purposes, along with accrued interest.
The Settlement Shares will be subject to restrictionson resale for a period of four-months-and-one-day in accordance withapplicable securities laws. Issuance of the Settlement Shares isexpected to result in the Creditors becoming insiders of the Company,as such term is defined by the policies of the TSX Venture Exchange. Completion of the Settlement remains subject to the approval of theTSX Venture Exchange.
About Nexus Gold Corp.
Nexus Gold is a Canadian-based gold development companywith an extensive portfolio of exploration projects in West Africa.The Company’s West African-based portfolio totals over 560-sq kms(56,000+ hectares) of land located on active gold belts and provenmineralized trends. The Company is focusing on the development ofseveral core assets while seeking joint-venture, earn-in, andstrategic partnerships for other projects in its growingportfolio.
ON BEHALF OF THE BOARD OF NEXUS GOLDCORP.
“Milad Zareian”
Milad Zareian, Chief ExecutiveOfficer
For furtherinformation please contact:
Milad Zareian, Chief ExecutiveOfficer
Tel: 416-846-4599
Forward-Looking Statements
This press release includes certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included herein,without limitation, statements relating to the future operating orfinancial performance of the Company, are forward looking statements.Forward-looking statements are frequently, but not always, identifiedby words such as "expects", "anticipates","believes", "intends", "estimates","potential", "possible", and similar expressions,or statements that events, conditions, or results "will","may", "could", or "should" occur or beachieved. Forward-looking statements in this press release relate to,among other things: statements relating to the successful closing ofthe Offering and anticipated timing thereof and the intended use ofproceeds. Actual future results may differ materially. There can be noassurance that such statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements. Forward looking statements reflect thebeliefs, opinions and projections on the date the statements are madeand are based upon a number of assumptions and estimates that, whileconsidered reasonable by the respective parties, are inherentlysubject to significant business, technical, economic, and competitiveuncertainties and contingencies. Many factors, both known and unknown,could cause actual results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements and the parties have made assumptions and estimates based on orrelated to many of these factors. Such factors include, withoutlimitation: the timing, completion and delivery of the referencedassessments and analysis. Readers should not place undue reliance onthe forward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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