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.
