Business
Antler Gold Inc. Enters an Agreement to Sell Crescent Lake Lithium Property to Midex Resources Ltd.
Halifax, Nova Scotia--(Newsfile Corp. - May 9, 2023) - Antler Gold Inc. (TSXV: ANTL) (" Antler " ...
About this update from Antler Gold, Inc.
[{"type":"text","content":"Antler Gold Inc. Enters an Agreement to Sell Crescent Lake Lithium Property to Midex Resources Ltd.Halifax, Nova Scotia--(Newsfile Corp. - May 9, 2023) - Antler Gold Inc. (TSXV: ANTL) (\"Antler\" or the \"Company\") is pleased to announce that it has entered into an agreement to sell its 100% interest in certain mineral claims comprising the Crescent Lake Lithium Project located in Ontario, Canada (\"Property\") to an arm's length private company, Midex Resources Ltd. (\"Midex\") (\"Transaction\").Christopher Drysdale, CEO of Antler stated: \"I am pleased to announce the sale of the Crescent Lake Lithium Project to Midex Resources Ltd., a highly regarded lithium explorer, paving the way for the successful development of the lithium potential on this Property. The sale of the Property allows Antler to focus on its existing projects while pursuing other opportunities, along with maintaining a significant equity investment in an active Canadian Lithium explorer.\" \"We believe this transaction is a win-win for Midex and Antler, as Midex continues to target high quality hard rock (spodumene) lithium acquisitions in Ontario\" states David Jamieson, President and CEO of Midex. \"We have discovered a number of highly prospective lithium-bearing pegmatites during initial prospecting at Favourable Lake and have now added more spodumene-bearing pegmatites hosting high grade lithium and tantalum values at Crescent Lake. Similar to Midex's other projects at Allison Lake, Onion Lake, and Case Lake, Crescent Lake has excellent road access and proximity to power and rail.\" Transaction Details Antler entered into an asset purchase agreement with Midex on May 8, 2023 (\"Midex Agreement\") pursuant to which Antler has agreed to sell to Midex its 100% interest in the Property. The Property was acquired by Antler in May 2019 from Sona Nanotech Inc. (\"Sona\") pursuant to a property acquisition agreement (\"2019 Agreement\") (see news release dated May 15, 2019).Under the Midex Agreement, Antler has agreed to sell the Property to Midex in consideration of C$125,000 in cash (the \"Cash Consideration\") and the issuance of common shares of Midex (\"Midex Shares\") equal to 12% of the issued and outstanding capital of Midex, subject to certain adjustments (the \"Share Consideration\"). Midex will also assume Antler's obligations under the net smelter ...