Nevada Sunrise Gold Corp (OTCMKTS:NVSGF) has announced that its subsidiary Intor Resources Corporation has sold its Clayton Valley water rights to Cypress Development Corp (OTCMKTS:CYDVF), Vancouver, British Columbia.
Trading Data
On Friday, NVSGF stock ended higher by 25.26% to $0.0605 with more than 489k shares, compared to its average volume of 55k shares. The stock has moved within a range of $0.0409 – 0.0605 after opening trade at $0.0492.
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The transaction enables the company to succeed from Cypress’s initiative to build a lithium mine in Esmeralda. The purchase costs $ 3 million. This amount included a cash deposit of $ 150,000 and a closing payment of $2.85 million. The closing payment consists of $2 million in cash and shares from Cypress, amounting to $850,000.
The water rights will enable Cypress to appropriate public water in Nevada at 1770 acres of groundwater manually for domestic, milling, and mining applications. This amount is the highest volume of permitted water in Clayton Valley.
Nevada Sunrise will use the money from the transaction to lay legal liabilities of $500,000. The company incurred this debt during a water rights case from 2016-2019. The company will also use $800,000 to pay the vendor for the water rights.
Nevada Sunrise is a mining company in Vancouver, BC that has an interest in lithium, cobalt, copper, and gold exploration projects in Nevada, U.S. it has a 20.01% of interest in the Kinsley Mountain Gold Project.
Technical Data
NVSGF stock is trading above the 20-Day and 50-Day Moving averages of $0.0474 and $0.0524 respectively. However, the stock is trading below the 200-Day moving average of $0.0622. The stock is up 19% in the past month.
