Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) announced today that it has agreed to complete a debt settlement transaction with its President and CEO under which:
- he will acquire 1,580,592 common shares of the Company in settlement of C$102,738.53 in debts of the Company payable to him for past services and out of pocket expenses incurred on behalf of the Company in a shares-for-debt transaction; and
- he will forgive and forever release the Company in respect of C$308,188.80 in debts of the Company payable to him for past services.
The Company’s President and CEO has not received payment of his salary in cash since early 2012 and the Company has been accruing what it owes the President in CEO as a debt. The Company considers the accrued debt is an obstacle to securing any possible financing of the Company or any possible acquisition on behalf of the Company. In order to facilitate the advance of the Company’s business, the directors have approved an agreement to eliminate the Company’s debts to Mr. Watson, in part through the issue of shares to Mr. Watson in a shares-for-debt transaction. The President and CEO has also agreed to forgive the balance of the money owed to him. The shares-for-debt transaction is subject to approval of the TSX Venture Exchange.
The shares of the Company to be issued under the shares-for-debt transaction will be subject to a four-month hold period.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.