Nevada Sunrise Completes Transaction with Advantage Lithium Corp. on Nevada Lithium Properties

VANCOUVER, Aug. 29, 2016 /CNW/ – Nevada Sunrise (TSXV:NEV) is pleased to announce that it has completed its transaction with Advantage Lithium Corp. (TSXV: AAL.H) (“Advantage”) whereby Advantage can earn working interests in five of the Company’s lithium exploration projects located in Esmeralda County, Nevada.  Advantage will also be granted an option to acquire State of Nevada water right Permit 44411 (the “Permit”) by assuming the Company’s financial obligations related to its option to purchase the Permit.
“We are pleased to welcome Advantage Lithium Corp. to Nevada in the search for new North American lithium brine deposits,” saidWarren Stanyer, President and CEO of Nevada Sunrise. “The Advantage team has a proven track record both in exploration and finance, and we look forward to the upcoming exploration on our Nevada lithium properties, all of which have strong potential for discovery.”
In addition to a CDN$100,000 cash deposit received in June 2016, at closing Nevada Sunrise received CDN$500,000 cash and 2,071,447 common shares of Advantage, with the share issuance representing 4.9% of the issued and outstanding shares of Advantage. All securities issued by Advantage are subject to a four-month hold period.  75% of the Advantage shares issued to the Company are subject to additional hold periods, which provides for the release of the shares in three equal tranches, 12, 18 and 24 months from closing.  Advantage has agreed to issue additional common shares during the course of the option period to satisfy underlying option payments and to incur up to CDN$3.0 million in exploration expenditures in two stages in order to earn up to a 70% interest in the Jackson Wash, Clayton NE and Aquarius properties, and a 50% interest in the Neptune and Gemini properties.
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