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Antler Gold agrees to purchase mineral assets from Sona Nanotech
Antler Gold agrees to purchase mineral assets from Sona Nanotech Canada NewsWire ...
About this update from Antler Gold, Inc.
[{"type":"text","content":"\n\n\n\nAntler Gold agrees to purchase mineral assets from Sona Nanotech\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, May 15, 2019\n\n\n\nHALIFAX, May 15, 2019 /CNW/ - Antler Gold Inc. (\"Antler\") (TSXV: ANTL) and Sona Nanotech Inc. (\"Sona\") (CSE: SONA) are pleased to announce that they have entered into an agreement pursuant to which Antler will acquire from Sona a 100% interest in certain mineral claims comprising the Crescent Lake/KM61 molybdenum-copper-silver project located in Armstrong, Ontario (the \"Property\").\nUnder the agreement, Antler will acquire the Property (the \"Property Acquisition\") in consideration of the assumption of all liabilities of Sona associated with the Property and the future payment to Sona of contingent consideration if Antler disposes of the Property to a third party, or enters into an agreement or arrangement with a third party to otherwise monetize the Property by way of joint venture, option or other form of transaction (a \"Future Transaction\"). The amount of the contingent consideration payable to Sona will be equal to 50% of the consideration received by Antler in the Future Transaction (net of Antler's aggregate expenses related to the marketing, selling, upkeep and maintenance of the Property incurred between the acquisition of the Property and the date of such Future Transaction), to a maximum of $3,000,000.\nAntler has also agreed to purchase two subsidiaries of Sona that own technical and physical data on historical mineral interests in Mexico, and associated offsetting intercompany receivables, for a purchase price of $1.00 (together with the Property Acquisition, the \"Transactions\"). The assets and third party liabilities are nominal for both subsidiaries.\nCompletion of the Transactions is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange (\"TSXV\"). \nThe Transactions are Non-Arm's Length transactions pursuant to TSXV policies, as Daniel Whittaker is the CEO and a director of Antler and a director of Sona; Jim Meg...