HALIFAX, March 30, 2017 /CNW/ - Antler Gold Inc.
("Antler" or the "Company") (TSXV: ANTL) is pleased
to announce that on March 30, 2017,
it entered into an option agreement (the "Option
Agreement") with Altius Resources Inc. ("Altius"), a
wholly owned subsidiary of Altius Minerals Corporation (TSX: ALS),
for the right to earn a 100% interest in 1,678 mineral claims
representing six separate projects (the "Property") in
central Newfoundland (the
"Transaction"). The projects are all located on the strike
extensions of the major structural corridor hosting gold
mineralization at Antler's Wilding Lake Project and Marathon Gold's
Valentine Lake Project.
Under the terms of the Option Agreement, Antler has the
exclusive right to earn a 100% interest in the Property by issuing
980,000 common shares of Antler ("Common Shares") to Altius
and incurring exploration expenditures of at least $300,000 within 12 months from the closing of the
Transaction (the "Earn-in Period"). Altius will retain
a 2% net smelter return (NSR) royalty. A technical report to
be prepared at Altius' expense in connection with the Transaction
for the Property will provide recommendations for the first year
exploration program. Upon closing of the Transaction, Antler will
act as the operator with respect to the Property and will manage
all technical and exploration work on the
Property.
As previously announced on November 8,
2016, Antler has an option from Altius to earn a 100%
interest in the Wilding Lake Gold Project in central Newfoundland. In connection with that option,
Altius became an insider of Antler and currently holds 4,500,000
Common Shares or approximately 17% of the issued and outstanding
shares of Antler. Therefore, the Transaction constitutes a Related
Party Transaction under TSX Venture Exchange (the
"Exchange") policies and shareholder approval may be
required by the Exchange in connection with the Transaction.
Following completion of the Transaction, Altius will own 5,480,000
Common Shares or approximately 19.94% of the issued and outstanding
shares of Antler.
Dan Whittaker, President and CEO
of Antler stated: "This deal practically triples our land holdings
and provides Antler with significant control of the structural
corridor now recognized in the region as hosting exciting gold
discoveries like that at our flagship Wilding Lake project. We are
well funded and through this further alignment with Antler's major
shareholder, Altius, will be pleased to commence exploration of
these new projects during the coming field season."
Completion of the Transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance and,
if applicable pursuant to Exchange requirements, majority of the
minority shareholder approval. Where applicable, the Transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the Transaction will be completed as
proposed or at all.
The Exchange has in no way passed on the merits of the proposed
Transaction and has neither approved nor disapproved the contents
of this news release.
CAUTIONARY STATEMENT:
This press release may contain forward-looking information, such
as statements regarding the completion of the Transaction and
shareholder approval requirements for the Transaction and future
plans and objectives of the Company. This information is based on
current expectations and assumptions (including assumptions in
connection with the continuance of the 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 and to complete the Company's
obligations during the Earn-in Period in order to earn a 100%
interest in the Property. Actual results may differ materially from
results suggested in any forward-looking information. The Company
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 securities laws applicable to the Company.
Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities
regulators which filings 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.
