Nubian Resources forms Blackwood Prospecting unit
2020-09-23 11:15 ET – News Release
Mr. Martin Walter reports
NUBIAN FORMS AUSTRALIAN SUBSIDIARY
Nubian Resources Ltd. has finalized the formation of Blackwood Prospecting Pty. Ltd., a wholly owned subsidiary, which will hold Nubian’s recently acquired Australian properties. The directors and officers appointed by Nubian include Martin Walter, president and chief executive officer of Nubian, who has been appointed director and president of Blackwood; Michael Melamed, who has an accounting, finance and public company financial reporting background, who has been appointed director and financial controller; and Brendan Bell, a local Australian businessman based in Bendigo, who has been appointed director and secretary. With the formation of this subsidiary, the company anticipates near-term completion of the acquisitions of the highly prospective Fosterville East project and the advanced-stage Yandoit gold project, both well positioned in the Victoria goldfields of Australia, as well as the Lefroy and Mathinna gold projects located in Tasmania.
In other news, the company announces that, subject to regulatory approval, it has retained Mackie Research Capital Corp. to provide market stabilization and liquidity services to Nubian in compliance with the policies and guidelines of the TSX Venture Exchange. Mackie will trade the shares of the company on the TSX-V for the purposes of maintaining a reasonable market and improving liquidity in the company’s shares. Nubian has agreed to pay Mackie $4,000 per month during the term, payable in advance and the agreement can be terminated with 30 days of notice. The agreement is not a formal market making agreement; there are no performance factors contained in the agreement and Mackie will not receive any shares or options from the company as compensation for services under the agreement.
The company also reports that it has granted, pursuant to its stock option plan, to directors and consultants an aggregate of 100,000 stock options exercisable at 60 cents for a period of five years in respect of 50,000 options and two years in respect to the other 50,000 options.
About Nubian Resources Ltd.
Nubian Resources is a public traded precious and base metals exploration company. The company is managed by a team of experienced mining and geological professionals. In May, 2020, Nubian entered into an agreement to acquire and develop the Yandoit gold project in central Victoria, Australia, and in July, 2020, Nubian entered into an agreement to acquire Stavely Mineral Ltd.’s Fosterville East project and its Lefroy and Mathinna projects in Tasmania. Nubian’s main asset is the Esquilache silver project located within the Tintaya porphyry copper belt of southern Peru.
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