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Antler Gold seeks 75% interest in gold exploration license in Namibia

Antler Gold seeks 75% interest in gold exploration license in Namibia

Canadian-based gold exploration and mining company, Antler Gold recently signed an agreement to acquire a 75% interest in a private company in Namibia.

The licence covers 32.7 square kilometres and is located west of the town Usakos in the Erongo region. The area surrounding the license hosts two producing gold mines (Navachab and Otjikoto) in the Damara Supergroup as well as Osino Resources’ Karibib Gold Project and several other smaller deposits.

According to a statement issued by Antler, pursuant to the transaction, they may acquire a 75% interest in the private company by paying the vendor, whose shareholders are arm’s length parties to Antler, a non-refundable cash deposit of C$10,000 (which has been paid), a further cash payment of C$40,000 upon signing of the Agreement (which has also been paid), C$50,000 on the first anniversary of the Due Diligence Waiver Date (as defined in the Agreement) and a further cash payment of C$50,000 on the second anniversary of the Due Diligence Waiver Date and issue C$25,000 worth of common shares of Antler based on the 10-day volume weighted average price per common share immediately prior to the second anniversary of the Due Diligence Waiver Date.

In addition to the cash and share consideration above, Antler must also spend C$75,000 worth of exploration expenses within 12 months from the Due Diligence Waiver Date and C$125,000 within 24 months. Antler has the right to accelerate the payment of cash and share consideration and the timeline for incurring exploration expenditures.

Once Antler acquires the 75% interest in the private company, it has the right to purchase the remaining 25% minority interest at the fair market value.

The transaction is subject to Antler receiving all necessary approvals, including the TSX Venture Exchange approval.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.