Canter Resources Amends Underlying Agreements to Establish Path to Strategic Partnership at Columbus
Canter Resources Amends Underlying
Agreements to Establish Path to Strategic
Partnership at Columbus
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2025) - Canter Resources Corp. (CSE: CRC)
(OTC Pink: CNRCF) (FSE: 6O1) ("
Canter
" or the "
Company
") a U.S.-focused critical mineral
exploration company, is pleased to announce that the Company has agreed to amended terms that
provide for an approximately 50 percent reduction in property carrying costs, reduced future payment
obligations and timeline extensions that push all major cash or exploration work related obligations to
2027 and 2028.
Canter's CEO, Joness Lang, commented: "First and foremost I'd like to thank our option partner at
Columbus for the collaboration. We both share the same conviction in the future of domestic lithium
production being driven by brine resources and lower-cost, environmentally sustainable direct lithium
extraction and believe the Columbus Project represents a tremendous opportunity for a major brine
discovery. Our technical group has significantly de-risked the deeper targets at Columbus and the
amendment to the underlying terms creates a more attractive framework for Canter and the prospective
strategic partners and investors with which the Company remains in advanced discussions."
Summary of Key Amendments
Canter is retaining 379 claims (12,460-acre property package) that corresponds to the core
mineralized system at Columbus covering all the highly conductive HSAMT volume, gravity low,
seismic survey area, favourable structure and historical and previously completed drilling
highlights. The reduction of non-core claims along the lower-priority fringes of the basin results in
cost savings of $130,000 per annum
.
The $250,000 cash payment obligation due on May 9, 2026 is replaced by $25,000 payable in
cash and $40,000 payable in shares (
$225,000 cash reduction
).
The $600,000 payment obligation due on November 9, 2026 is
extended to December 1, 2027
and reduced to $450,000, with $150,000 payable in shares (
$150,000 payment reduction
).
Canter's commitment to drill an additional 2,500 feet and drill one hole to a minimum of 1,500 feet
has been
extended from November 9, 2026 to November 9, 2027.
A $200,000 cash payment will be payable on May 9, 2028, as consideration for the extensions and
cash reductions totaling $375,000.
Shares for Debt
The Company's management group has also contributed to cash preservation with deferral
arrangements and reductions to ensure adequate capital is in place to support key corporate growth
initiatives. Subject to regulatory approval, the Company intends to complete debt settlements by the
issuance of a total of 2,200,000 common shares (each a "
Share
") at a deemed price of $0.07 per
Share to settle debts owing pursuant to past management, consulting, accounting and other services
provided to the Company for a total amount of $154,000 (excluding goods and services tax) (the "
Debt
Settlements
").
The Shares issued in connection with the Debt Settlements will be subject to a statutory hold period of
four months following the closing of the Debt Settlements in accordance with applicable securities
legislation.
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.
On behalf of the Board of Directors.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have
not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States
or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is
available.
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