Nevada SunriseGold Corp. and ResolveVentures Inc. have entered into a definitive joint venture and optionagreement after signing an interimdeal in March, the companies said May 4.
The agreement provides for Resolve to earn up to a 50% workinginterest in the Neptunelithium property in Nevada.
Under the terms, Resolve has issued 200,000 common shares toNevada Sunrise, paid C$50,000 in cash, as well as advanced C$300,000 for explorationexpenditures.
In addition, Resolve Ventures raised C$549,250 via a nonbrokeredprivate placement of 10,985,000 units at 5 Canadian cents each. Each unit consistedof one common share and one transferable share purchase warrant, with each warrantexercisable to acquire one share at 10.5 cents each in three years.
Net proceeds will be used to fund exploration on the Neptuneproperty and for working capital.