Notice of Default for Nio-Star Corp.

Notice of Default for Nio-Star Corp.

 

Toronto, Canada -- March 18, 2021 -- InvestorsHub NewsWire -- Sarissa Resources Inc. (OTC Markets: Pink SRSR) ("Sarissa" or the "Company") is advising its shareholders that the Company's Nio-Star Corp ("Nio-Star") subsidiary was served with a Notice of Default on March 17, 2021, from RD Volusia LLC ("RD Volusia") an assignor of the Convertible Note issued to RP Capital Group Inc., on August 19, 2017 and announced in a press release on August 21, 2017.

Nio-Star has five (5) days to cure the default in the amount of $C384,058.51.   RD Volusia has indicated that unless the company complies with its obligations to either repay the amount due and payable or voluntarily convey the Secured Property as called for in the terms of the Convertible Note, it will proceed to foreclose on the Secured Property based on its first lien which was given as part of the conditions of closing the Convertible Note and securing the $C250,000.00 of financing.  The Secured Property of Nio-Star entails all assets of Nio-Star including the patented land and mining leases.  Alternatively, RD Volusia has the right to force Nio-Star to issue common shares resulting in RD Volusia owning 51% of Nio-Star stock and thereby having a control position in Nio-Star, which would therefore no longer be a wholly-owned subsidiary of Sarissa Resources Inc.

Nio-Star's board is working diligently to resolve this issue prior to the deadline on March 22, 2021 and will update shareholders on further developments 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: [phone]
Email:[e-mail]

 

Forward-Looking Statements Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as plans, anticipates, expects, believes or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking information. These factors are discussed in greater detail in the Company's business plan and filings with the OTC Markets.