Business
Antler Gold Provides Update on the Erongo Gold Project Option Agreement
Halifax, Nova Scotia--(Newsfile Corp. - August 22, 2024) - Antler Gold Inc. (TSXV: ANTL) ("Antler...
About this update from Antler Gold, Inc.
[{"type":"text","content":"Antler Gold Provides Update on the Erongo Gold Project Option AgreementHalifax, Nova Scotia--(Newsfile Corp. - August 22, 2024) - Antler Gold Inc. (TSXV: ANTL) (\"Antler\" or the \"Company\") is pleased to provide an update on the expected execution date of the previously announced option agreement with Fortress Asset Management LLC (\"Fortress\") regarding the Erongo Central Gold Project (the \"Project\") in Namibia.As announced on May 23 and 24, 2024, the Company's subsidiary, Antler Gold Namibia (Proprietary) Limited entered into a binding letter of intent dated May 23, 2024 with Fortress (the \"LOI\"), which allows Fortress to acquire up to a 100% interest in the Project for total consideration of US$5.5 million and incurring US$6.0 million in exploration expenditures, with Antler retaining a 2% net smelter return royalty and acting as the operator for the Project during the three option periods (the \"Transaction\"). The LOI contemplates that the parties will enter into a definitive option agreement within 45 business days of the execution of the LOI, namely by July 24, 2024. By mutual agreement of the parties, the date for the signing of the definitive option agreement has now been extended to September 16, 2024. Antler has secured shareholder approval of the Transaction contemplated by the LOI at its Annual and Special Meeting held on July 15, 2024 and is currently working closely with Fortress to finalize the definitive option agreement. For a more detailed description of the agreement, please refer to the following press releases:May 23, 2024: \"Antler Gold Announces Option Agreement for the Erongo Gold Project in Namibia\"May 24, 2024: \"Antler Gold Announces Option Agreement for the Erongo Gold Project in Namibia is Subject to TSX-V and Shareholder Approval\"About Antler Gold Inc. Antler Gold Inc. is a Canadian listed mineral exploration company focused on the acquisition and exploration of mineral projects in Africa's Top-Ranked Jurisdictions, with exposure to both gold and Rare Earth Elements. The Company continues to assess new regional opportunities with the aim of building a risk diversified business model, which allows the company to generate short and long- term income whilst providing stakeholders with exposure to potential multiple returns that are generated from the discovery process.Cautionary Statements Th...