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.