on NV Gold Corporation (CVE:NVX)
NV Gold Announces Debt Settlement with Issuance of Shares
NV Gold Corporation has agreed to issue 5,161,578 common shares at C$0.1125 each. This move is part of settling a debt of US$419,050 owed under several loan agreements with John Watson, the company's President and CEO. The total debt equates to C$580,677.58, though interest on the debt remains unpaid. This transaction qualifies as a "related party transaction" under Canadian regulations.
The company is exempt from a formal valuation and minority approval due to its financial difficulties. NV Gold's board believes the share issuance will positively impact its financial state. Pending TSX Venture Exchange approval, these shares will have a four-month hold period after issuance.
R. H.
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