Sunrise's Subsidiary Amalgamates with Northland Metals
Armstrong, British Columbia CANADA, July 31, 2013 /FSC/ - Sunrise Resources Ltd. (SHI - TSX Venture), announces that, further to its news releases on March 1, May 15, and June 10, 2013, Sunrise's newly incorporated wholly-owned subsidiary has amalgamated with Northland Metals Corp. effective July 30, 2013. The amalgamated company is wholly owned by Sunrise and has kept the Northland Metals Corp. name. Pursuant to this 3-cornered amalgamation, Sunrise issued 3,637,714 common shares to the former Northland shareholders at a deemed price of $0.15 per share. As a result of the amalgamation, Sunrise now owns 100% of the Timothy Property, subject to a 2% NSR royalty with a $2,500,000 buyout in favor of the former Northland shareholders. The TSX Venture Exchange has provided its final approval of the amalgamation.
Northland spent approximately $560,000 on an exploration program in 2011/12 on the Timothy Property, including in particular a Titan 24 DC induced polarization geophysical survey carried out by Quantec Geoscience Ltd. The survey produced exciting new results and identified multiple drill targets. As previously announced, Sunrise intends to spend a portion of its recent private placement proceeds on diamond drilling approximately 600 metres on the Timothy Property.
For further information, please contact:
Responsible Officer: Irvin Eisler, CEO
Telephone: (250) 546-6559
Email: i_eisler@telus.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to partial use of the proceeds of the Private Placement on diamond drilling the Company's Timothy Property. Important factors that could cause actual results that may differ materially from the Company's expectations are management's discretion to reallocate the proceeds of the Private Placement and adjust the exploration plans for its properties.
The Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
To view this press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/sunrise07312013.pdf
Source: Sunrise Resources Ltd. (TSX.V-SHI)
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