Antler Gold signs letter agreement to aquire a 100% interest in a gold exploration license in Namibia
Antler Gold signs letter agreement to aquire a
100% interest in a gold exploration license in
Namibia
HALIFAX
,
Sept. 10, 2019
/CNW/ - Antler Gold Inc. ("
Antler
") (TSXV: ANTL) is pleased to announce
that it has entered into an agreement to acquire a gold exploration license in
Namibia
(the
"
Purchase Agreement
").
The license is known as EPL 6162 which measures 105 square kilometers and is located within the
Erongo region of central
Namibia
within the Navachab gold trend. This highly prospective area hosts
the nearby Historical Onguati mine, the QKR Namibia Navachab Gold Mine as well as the Goldkuppe
and Karibib Regional projects of Osino Resources.
The geology of EPL 6162 is of Upper Damara aged sediments (Swakop Group) to the south as well
as younger Triassic and Cretaceous sediments and volcanic units to the north. The North East (NE)
trending carbonate rich lithologies on the EPL comprise the prospective Navachab – as well as
Onguati Members of the Karibib Formation.
Pursuant to the Purchase Agreement, Antler may acquire a 100% interest in EPL 6162 by paying the
vendor, who is an arm's length party, a cash payment of
C$2,000
, issuing 10,000 common shares of
Antler and
C$2,500
of common shares of Antler based on the 10-day volume weighted average
price per common share immediately prior to the date of the Purchase Agreement. Antler must also
spend
C$25,000
worth of exploration expenses on or before the EPL renewal date of
March 31,
2020
. Once the EPL is renewed, in order to acquire EPL 6162, Antler must make a further cash
payment of
C$5,000
and issue an additional 10,000 common shares of Antler and a further
C$2,500
of common shares of Antler based on the 10-day volume weighted average price per common share
immediately prior to the date of the EPL renewal. Antler must also spend a further
C$50,000
in
exploration expenditures on the EPL within one year of renewal.
The Purchase Agreement also provides Antler with a right of first refusal to acquire a 100% interest
in any EPL acquired by the vendor within two years from the date of the Purchase Agreement. If
Antler decides to acquire a new EPL from the vendor, in order to do so, Antler must make the cash
payment of
C$7,000
, issue the same number of common shares of Antler as for EPL 6162 and
make exploration expenditures of at least
C$75,000
within one year of the vendor's acquisition of the
new EPL.
The Purchase Agreement is subject to a 14-day due diligence period and is conditional upon TSX
Venture Exchange approval.
Cautionary Statements
This press release may contain forward-looking information, such as statements regarding the
completion of the transaction, including acquisition of EPL 6162 or any other EPLs in
Namibia
by
Antler and future plans and objectives of Antler. This information is based on current expectations
and assumptions (including assumptions in connection with the continuance of the applicable
company as a going concern and general economic and market conditions) that are subject to
significant risks and uncertainties that are difficult to predict, including risks relating to the ability to
satisfy the conditions to completion of the transaction. Actual results may differ materially from
results suggested in any forward-looking information. Antler assumes no obligation to update
forward-looking information in this release, or to update the reasons why actual results could differ
from those reflected in the forward-looking information unless and until required by applicable
securities laws. Additional information identifying risks and uncertainties is contained in filings made
by Antler with Canadian securities regulators, copies of which are available at
www.sedar.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Antler Gold Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2019/10/c9050.html
%SEDAR: 00038775E
For further information:
please contact Daniel Whittaker, President and CEO of Antler Gold Inc.,
at (902) 488-4700.
CO: Antler Gold Inc.
CNW 08:30e 10-SEP-19