- Nevada Silver Corp. (NSC) updated its plans to complete a sale of securities of its subsidiary, North Star Manganese
- NSM intends to issue approximately 3 million shares of common stock of NSM and will be used to advance technical studies at the Emily Manganese Project
- Nevada Silver’s indirect shareholding in NSM will be reduced to approximately 90.9 per cent
- Nevada Silver (NSC) is up 9.26 per cent trading at C$0.295 per share as of 2:20 pm ET
Nevada Silver Corp. (NSC) updated its plans to complete a sale of securities of its indirectly wholly owned subsidiary, North Star Manganese Inc. (NSM).
NSM intends to issue approximately 3 million shares of common stock of NSM at a price of US$0.25 per share for proceeds of approximately US$750,000.
Proceeds from the NSM financing will be used to advance technical studies at the Emily Manganese project and for general working capital.
If completed, Nevada Silver’s indirect shareholding in NSM will be reduced to approximately 90.9 per cent. The NSM financing is subject to the receipt of final approval of the TSX Venture Exchange prior to closing.
Nevada Silver Corp is a mineral exploration company whose principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights over the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.
Nevada Silver (NSC) is up 9.26 per cent trading at C$0.295 per share as of 2:20 pm ET.