Sarissa Resources Inc SRSR:OTC Pink - No Information
Nio-Star Corp., Conveys Secured Property to RD Volusia LLC
PR Newswire
2:15 PM ET
Sarissa Resources Inc. (OTC-Pink: SRSR) ("Sarissa" or the "Company") is advising its shareholders that the Company's
Nio-Star Corp ("Nio-Star") subsidiary was not successful in curing the default on the Convertible Note issued to RP
Capital Group Inc. Official notice of that default was served on March 17, 2021 by RD Volusia LLC ("RD Volusia") an
assignor of the Convertible Note issued to RP Capital Group Inc. As a result, on March 18, 2021, the Company announced
the default and the notice of such default in a press release. Pursuant to the terms of the Convertible Note and the default notice, Nio-Star had 5 days to cure the default.
Nio-Star was unable to secure the capital
required to repay the required $C384,058.51 or negotiate an alternative solution prior to the five day deadline. On
March 23, 2021, Nio-Star conveyed the Secured Property to RD Volusia as required as a condition of the terms of the
Convertible Note. The Secured Property of Nio-Star entails all assets of Nio-Star including the patented land and
mining leases.
The Nio-Star Board stated,
"While this outcome was not what we hoped for, during negotiations RD Volusia has indicated that while it has
already taken possession of the Secured Property of Nio-Star, it is open to renegotiating with the board of
Nio-Star depending on the outcome of the upcoming Sarissa shareholder meeting. RD Volusia has made it clear that it
will not renegotiate a potentially more favorable outcome for Sarissa shareholders, if the shareholders vote to elect the directors put forth by Mr. Currah, et.al., to the board of Sarissa at the upcoming shareholder meeting due to a
history of securities fraud charges and settlements as well as allegations of securities fraud while previously involved
with Sarissa which are pending in Ontario Superior Court."
Nio-Star's board will continue to provide
updates as further developments occur in this matter.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a mining
development company presently focuses on developing the
Nemegosenda Niobium project through its Nio-Star Corp.,
subsidiary.
For further information
contact:
Sarissa Resources Inc.
Telephone: +1-702-550-2347Email:
IR.SarissaResources@gmail.com
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