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11/27/15

NV Gold (NVX.v): A late Friday classic NR

See it. Read it. Believe it.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 27, 2015) - NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it and its wholly-owned Nevada subsidiary, NV Gold Corporation (USA) (NVX US"), have entered into an Asset Purchase and Sale and Debt Repayment Agreement (the "Agreement") with Mr. John E. Watson, the Company's President and CEO. Under the Agreement:
  1. NVX US will sell its Afgan-Kobeh Property (the "Afgan Property") to Mr. Watson for US$304,626;
  2. the Company will sell the shares and debts of its wholly-owned Swiss subsidiary, SwissGold Exploration AG ("SGE") to Mr. Watson for US$50,000; and
  3. the Company will use all of the proceeds of such sales to repay debts owed to Mr. Watson.

Interestingly, Mr. Watson is currently paid $25,000 per month by NVX.v, but as they don't have any cash to pay him it's just been adding up in the current liabilities column. 

I wonder why?

And as a little cherry on top of this particular cake, Watson's salary was increased this year from $22,500 in 2014.