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Nevada Zinc drops 66.34% shareholding in Generic Gold

Nevada Zinc Corp. sold 25 million shares of Generic Gold Corp. for C$300,000 cash to drop its 66.34% shareholding in the company.

Generic Gold was formed in June 2017 when Nevada Zinc offloaded a portfolio of 10 gold properties in Canada's Yukon territory into a new private subsidiary. Three months later, the companies outlined plans to take Generic Gold public through a merger with Wamco Technology, which reduced Nevada Zinc's shareholding to about 68.8%.

Nevada Zinc said March 21 that it decided to sell the shares in a private agreement after reviewing the market and other conditions.

Concurrent to the transaction, Don Christie and Bruce Durham resigned as Generic Gold directors. Christie is CFO of Nevada Zinc, while Durham serves as chairman, president and CEO.

Nevada Zinc and Generic Gold also entered into an option and right of first refusal agreement with Nevada Zinc to purchase shares of a Generic Gold affiliate that holds the properties in Yukon territory until March 14, 2020, for C$200,000.

The company also has a right of first refusal on the sale of the Yukon properties until March 14, 2021. The Yukon portfolio includes the early-stage Livingstone and Goodman projects.