Nexus Gold Appoints J. Ian Stalker as Non-Executive Chairman
TSX VENTURE: NXS
Vancouver, Canada / TheNewswire / March 12, 2019 - Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS, OTCQB: NXXGF, FSE: N6E) is pleased to announce the appointment of J. Ian Stalker as Non-Executive Chairman. Mr. Stalker, currently a Director with the Company, has more than 45 years of development and operational mining experience in countries around the world, including over a decade working in West Africa.
Among his many senior executive positions, he was Managing Director of Ashanti Goldfields Co. Limited (later to become AngloGold Ashanti); Vice President of Gold Fields Ltd., at one point the world's fourth largest gold producer; and Chief Executive Officer & Director of Brazilian Gold Corp., among others. He was also Chief Executive Officer of UraMin, a publicly-listed uranium company, from 2005 through 2007, when it was acquired by Areva for $2.5 billion.
Among his current titles, Mr. Stalker, President & CEO of LSC Lithium, and Director with K92 Mining Inc., a TSXV listed company that is operating a high-grade gold mine in Papua New Guinea. In January 2019, LSC Lithium announced it had accepted a $111 million buyout offer.
Mr. Stalker has successfully managed over ten mining projects through feasibility study, development and construction phases. Among those companies he has held senior management positions he has overseen significant market cap growth. Over the past decade he has been active in multiple M&A initiatives and has been directly involved in the raising of over $500-million in capital investment for mining projects around the world.
"We're happy Ian has accepted our invitation to increase his role with the Company," said president & CEO, Alex Klenman. "His experience, knowledge and guidance will be of great benefit to the Company, and of even greater importance as the next few years are critical in our growth cycle. Having Ian on board in a more prominent and active position with Nexus is something our shareholders can be excited about. His track record in helping to grow company evaluations is impressive," continued Mr. Klenman.
The Company also announces that it has reached an agreement with an arms'-length creditor to settle outstanding indebtedness totaling $90,562.50, through the issuance of 787,500 units (each, a "Unit") at an effective price of $0.115 per Unit. Each "Unit" consists of one common share of the Company, and one common share purchase warrant, exercisable to acquire a further common share at a price of $0.18 for a period of twenty-four months. Completion of the settlement remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
The Company also wishes to clarify certain information surrounding grants of incentive stock options disclosed in the Company's news releases of February 19th and 28th, 2019. The Company confirms that it did proceed with the grant of 1,300,000 incentive stock options, exercisable at a price of $0.15, on February 19, 2019. The Company completed a further grant of 1,300,000 incentive stock options, exercisable at a price of $0.13, on February 28, 2019. Subsequently, the Company has arranged to cancel all of the options granted on February 19, 2019. As a result, the only incentive stock options granted are 1,300,000 options granted on February 28, 2019, exercisable at a price of $0.13 for a period of sixty months.
About the Company
Nexus Gold is a Vancouver-based gold exploration and development company with four projects in Burkina Faso, West Africa, and two more in Canada (Bridge River Mining Camp, BC, and Red Lake, Ontario). The company is currently concentrating its efforts on establishing a compliant resource at one or more of it's four current Burkina-based projects which total over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends. Fore more information please visit www.nexusgoldcorp.com.
NEXUS GOLD CORP.
President & CEO
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. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.