VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2016) - Evolving Gold Corp. (CSE:EVG) (FRANKFURT:EV7) (OTC PINK:EVOGF) (the "Company") announces that it has closed on the Purchase and Sale Agreement ("Agreement") with an arm's length party to acquire 106 mineral claims in four blocks, in Quebec, as previously announced on June 16th, 2016.
Pursuant to the Agreement, the Company issued to the Vendor a total of 300,000 common shares at a deemed price of $0.31 per share (deemed value of CAD$93,000) and also paid the Vendor CAD$30,000 as the final cash payment. Accordingly, the total consideration under the Agreement of CAD$40,000 and 300,000 common shares of the Company has now been paid. The claims remain subject to a one percent net smelter returns royalty (1% NSR). EVG has the right, at any time, to acquire one-half of the Royalty (0.5% NSR) by paying $500,000 to the royalty holder.
About the Lithium Lakes Property
The Lithium Lakes Property is located about 10 km north of the "Route du Nord" and between 8 and 30 km from Nemaska Lithium's Whabouchi Project. The property is comprised of 4 blocks of claims, totalling 106 active claims located on public land, and has a total area of 5,649.8 ha or 56.498 km2. Further information regarding the property, including location maps, are available on the Company website: http://www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
Robert N. Horsley, Director
Neither Canada Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canada Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).