Canter Completes Amendments to Columbus Project Agreements
Canter Completes Amendments to Columbus
Project Agreements
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Canter Resources Corp. (CSE:
CRC) (OTC Pink: CNRCF) (FSE: 6O1) ("Canter" or the "Company") is pleased to announce
amendments to the underlying agreements for its Columbus Lithium-Boron Project ("
Columbus
" or the
"
Project
"). In agreement with the Company's property partner, these amendments defer all cash
payment obligations aligning both parties' interests with a near-term focus on deeper discovery drilling at
Columbus, allowing the Company to create significant value for all stakeholders.
"The amendments we have completed with the Columbus Project prospecting team speaks volumes
about the strength of the partnership and joint belief that discovery-driven exploration work will bring the
Project's true potential into focus," commented Canter CEO, Joness Lang. "We are very pleased to
complete this agreement with our partner and look forward to sharing more Columbus Project updates
later this quarter."
The added financial flexibility allows the Company to build on recent exploration successes with
subsequent deeper drilling at Columbus with only one USD$30,000 cash payment (November 2025)
due from now until May 2026.
Summary of Amendments to Underlying Agreements
Changes to Cash Payment Schedule
All future cash payment obligations associated with the Columbus Option Agreement (the "Option") and
the corresponding Water Rights Appurtenance Agreement (the "WRA") have been deferred by 12
months, with the exception being the final cash payment required to purchase 100% of the water rights,
which has been deferred by 18 months to May 26, 2027.
Changes to Share Issuances
As consideration for the Option and WRA amendments, the Company will issue 500,000 additional
shares (the "
Consideration Shares
") to the underlying Option partners. The Consideration Shares will
be issued five (5) days from the date the Company receives all necessary approvals and will subject to a
four month plus a day hold period. A future 600,000 share issuance contemplated in the WRA has been
deferred from November 26, 2025 to November 26, 2026. All other share issuances remain unchanged.
Additional Drilling
Canter will drill an additional 2,500 feet (762 metres) from the date of the amendments by the date which
is 36 months from the Effective Date (November 9, 2026) as part of the amended agreement. The
Company has also agreed to drill one hole to at least 1,500 feet (457.2 metres) depth, to test favourable
structural reservoir targets as part of its commitments to exercise the Option.
All other material terms of the underlying Option and WRA remain unchanged.
See Company press releases dated November 13
th
, 21
st
and 28
th
(2023) for further Option and WRA
agreement details.
For more information about boron and lithium, please visit the Company's
Boron 101
and
Lithium 101
pages on the website.
Qualified Person (QP)
The technical information contained in this news release was reviewed and approved by Eric Saderholm
P.Geo, Director and Technical Advisor of Canter Resources, a Qualified Person (QP), as defined under
National Instrument 43- 101 - Standards of Disclosure for Mineral Projects.
About Canter Resources Corp.
Canter Resources Corp. is a junior mineral exploration company advancing the Columbus Lithium-Boron
Project and the Railroad Valley (RV) Lithium-Boron Project in Nevada, USA. The Company is
completing a phased drilling approach at Columbus to test highly prospective brine targets at varying
depths for lithium-boron enrichment and plans to leverage the Company's critical metals targeting
database to generate a portfolio of high-quality projects with the aim of defining mineral resources that
support the technology and domestic clean energy supply chains in North America.
For further information contact:
Joness Lang
Chief Executive Officer
Canter Resources Corp.
Tel: 778.382.1193
For investor inquiries contact:
Kristina Pillon, High Tide Consulting Corp.
Tel: 604.908.1695
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news
release. The Canadian Securities Exchange does not accept responsibility for the adequacy or
accuracy of this news release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities
laws. All statements contained herein that are not clearly historical in nature may constitute forward-
looking statements. Generally, such forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or may contain statements that certain
actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or
"will be achieved". The forward-looking information and forward-looking statements contained herein
include, but are not limited to, statements regarding the Company's plans for the Project and the
payments related thereto, the issuance of the Consideration Shares and the Company's
expected
exploration activities.
These statements involve known and unknown risks, uncertainties and other factors, which may cause
actual results, performance or achievements to differ materially from those expressed or implied by such
statements, including but not limited to: requirements for additional capital; future prices of minerals;
changes in general economic conditions; changes in the financial markets and in the demand and
market price for commodities; other risks of the mining industry; the inability to obtain any necessary
governmental and regulatory approvals; changes in laws, regulations and policies affecting mining
operations; hedging practices; and currency fluctuations.
Although the Company has attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on any forward-looking statements or information.
No forward-looking statement can be guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are made and the Company does
not undertake any obligation to publicly update or revise any forward-looking statement, whether as a
result of new information, future events, or otherwise.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/228306