HALIFAX, June 23, 2017 /CNW/ - Antler Gold Inc. ("Antler" or the "Company") (TSXV: ANTL) is pleased to announce that it has completed its acquisition of the right to earn a 100% interest ("Option") in 1,678 mineral claims representing six separate projects (the "Property") in central Newfoundland held by Altius Resources Inc. ("Altius"), a wholly owned subsidiary of Altius Minerals Corporation (TSX:ALS), previously announced on March 30, 2017 ("Transaction").
The Option is exercisable by Antler incurring exploration expenditures of at least $300,000 within 12 months from the closing of the Transaction as part of the work program on the Property recommended in the technical report entitled "NI 43-101 Technical Report on the Central Newfoundland Regional Gold Project, Central Newfoundland, Newfoundland and Labrador, Canada" which is available on SEDAR at www.sedar.com. Pursuant to the Transaction, the Company issued 980,000 common shares of Antler ("Common Shares") to Altius, representing approximately 3.57% of the issued and outstanding Common Shares. Altius now owns 5,480,000 Common Shares or approximately 19.94% of the issued and outstanding shares of Antler.
Antler will act as the operator with respect to the Property and will manage all technical and exploration work on the Property. Upon acquisition of a 100% interest in the Property by Antler, Altius will reserve and hold a 2% net smelter royalty in respect of commercial production from the Property.
The Transaction was approved by the Company's shareholders by way of written consent in accordance with the requirements of the TSX Venture Exchange ("Exchange"). Antler also received conditional approval of Transaction from the Exchange. The Exchange's final approval is expected following closing.
The Company also announces that it has granted an aggregate of 175,000 stock options to officers, directors and consultants in accordance with Antler's stock option plan ("Plan"). The stock options are exercisable at a price of $0.75 per share and will vest at the rate of 50% of the total on each of the six and twelve month anniversary of the grant date. The options will expire five years form the date of grant. All other terms and conditions of the options are I accordance with the terms of the Plan.
The Exchange has in no way passed on the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
This press release may contain forward-looking information, such as statements regarding the final Exchange approval, future plans and objectives of the Company and the vesting and expiry of options. 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 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.
For further information: Daniel Whittaker, Director, President and Chief Executive Officer, T: (902) 488-4700