Golden Sun Mining Corp. Announces Asset Purchase Agreement With Beta Energy Corp.
VANCOUVER, British Columbia, Nov. 16, 2021 (GLOBE NEWSWIRE) — Golden Sun Mining Corp. (“Golden Sun” or the “Company”) is pleased to announce the Company has entered into an asset purchase agreement with Beta Energy Corp. (“Beta”), dated November 4, 2021 (the “Definitive Agreement”), pursuant to which the Company will acquire a 100% interest in the Green Energy Project, a lithium brine project located in Grand County, Utah, consisting of mining claims totaling approximately 4,160 acres (the “Acquisition”).
Summary of Definitive Agreement
On and subject to the conditions set forth in the Definitive Agreement, the Company will issue to Beta: (i) an initial 1,000,000 common shares (the “Initial Consideration Shares”), at a deemed price of $0.25 per Initial Consideration Share; and (ii) at any time within twenty-four (24) months following the closing date of the Acquisition, an additional $950,000 worth of common shares (the “Additional Consideration Shares”), which Additional Consideration Shares will be issued in one or more tranches at a deemed price equal to, at the time of issuance, the volume weighted average price per common share on any recognized stock exchange on which the common shares may then be listed over the ten (10) days prior to such issuance, or, if the common shares are not listed on any stock exchange, then at a deemed price to be determined in good faith by the directors of the Company.
The Initial Consideration Shares and Additional Consideration Shares will be subject to leak out restrictions whereby Beta shall be not be able to sell or trade such common shares until the date that is six (6) months from each respective issuance date, as well as be subject to hold periods as prescribed by applicable securities laws.
About Golden Sun Mining Corp.
Golden Sun Mining Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America.
On behalf of the Board of Directors
Jason Latkowcer
Chief Executive Officer and Director
(778) 953-4191
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Acquisition, and the Company’s business and plans, including with respect to completing the Acquisition and carrying out exploration activities in respect of its mineral project. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Acquisition does not complete as contemplated, or at all; that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral project as planned (or at all); and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
