Antler Gold proposes stock split, exercises option to acquire Wilding Lake Project and strengthens management team and board
HALIFAX, May 4, 2017 /CNW/ - Antler Gold Inc. ("Antler" or the "Company") (TSXV: ANTL) is pleased to announce that the board of directors have considered a proposed 1.5 for 1 stock split and will recommend that shareholders approve the proposed split at the Company's upcoming annual and special meeting of shareholders to be held on June 28, 2017. In addition to shareholder approval, the stock split is subject to the approval of the TSX Venture Exchange ("TSXV").
It is expected that the increased number of outstanding common shares resulting from the proposed stock split will provide a greater opportunity for investors to become shareholders of the Company as a result of increased liquidity of the Company's shares. If passed and accepted, the stock split would result in an increase in the number of outstanding common shares from 26,498,544 as of today's date to up to approximately 39,747,816, subject to reduction for any fractional shares resulting from the proposed stock split that will be cancelled.
Wilding Lake Option Exercise
The Company further announces that on May 4, 2017, it provided notice to Altius Resources Inc. ("Altius") that it exercised its option to acquire a 100% interest in the Wilding Lake Project pursuant to the Option Agreement between the Company and Altius dated September 15, 2016, as amended. Altius will continue to have a significant interest in the success of the project through its approximately 17% equity interest currently held in the Company. Following the expected closing of the additional option transaction with Altius announced on March 30, 2017, pursuant to which the Company will acquire an option to acquire a 100% interest in an additional 1,678 minerals claims in central Newfoundland from Altius by, amongst other things, issuing 980,000 common shares of Antler to Altius, Altius will hold approximately 19.94% of the outstanding common shares of the Company. The closing of the additional option transaction is subject to a number of conditions, including the approval of the TSXV.
Concurrently with the completion of the transfer of the Wilding Lake property to the Company, the Company and Altius will enter into a royalty agreement pursuant to which Altius will retain a 2% net smelter royalty in respect of commercial production from the property, subject to reduction for underlying royalty obligations. A further news release will be issued upon completion of the transfer of the property to the Company.
Management and Board Changes
Following the transfer of title to the Wilding Lake property to the Company, the Company will be the operator of the Wilding Lake Project. Antler is pleased to announce that Mr. Howard Bird has been appointed Vice President, Exploration for the Company and will be responsible for all aspects of the Company's exploration activities. Mr. Bird was the Senior Vice President of Exploration and Geology at Brigus Gold Corp. ("Brigus"), where he led the exploration team in the recent discovery of three new gold deposits at the Grey Fox Project. He was also part of Brigus' corporate development team in adding over two million ounces to its portfolio with the acquisitions of the Black Fox mine, near Timmins, Ontario and the Box mine deposit in northern Saskatchewan. Brigus was later acquired by Primero Mining Corp. in March 2014. Prior to Brigus, Mr. Bird was the Senior Vice President of Global Exploration for SouthernEra Resources Ltd. and the Senior Project Geologist for Noranda Inc. and International Corona Resources, working within the Abitibi, Hemlo, and Michipicoten gold camps. In addition, Mr. Bird has extensive international geological knowledge working in Brazil, Mexico, Australia and many parts of Africa. To preserve the independence of a majority of the board of directors of the Company, Mr. Bird has resigned from the board effective immediately. The board thanks Mr. Bird for his contributions to the Company to date as a board member and looks forward to working with him in this new role.
The Company is pleased to announce that Mr. Carl Hansen has agreed to join the board of directors of the Company effective immediately, subject to TSXV approval. Mr. Hansen is a geologist with over 25 years of experience in the exploration and mining industry. He is currently the CEO of Atacama Pacific Gold Corp. and was the co-founder and CEO of Andina Minerals until January 2009. Mr. Hansen has held senior positions with TVX Gold Inc. and Kinross Gold Corp., as well as exploration positions with Inco Ltd.. He has a range of underground mine development experience having been the Chief Geologist at the New Britannia Mine in Snow Lake, Manitoba and Senior Geologist/Project Manager at the high-grade Kasperske Hory Project, Czech Republic. Further, Mr. Hansen worked at the Casa Berardi Mine, Quebec during its early development. Mr. Hansen is also director of Atacama Pacific, Colombia Crest Gold Corp. and Torrent Capital Ltd. (previously Metallum Resources Inc.).
To further strengthen the Company's management team, Mr. Dave Evans has been appointed as Exploration Manager. Mr. Evans has been managing Altius' exploration program on the Wilding Lake Project since before it was optioned to the Company. Mr. Evans is a native of Newfoundland and holds a Bachelor and Masters of Science in Geology. He has over 30 years experience working extensively with gold and base metals deposits in Newfoundland, for both public companies and the Newfoundland Department of Natural Resources.
Dan Whittaker, President and CEO of Antler, stated: "These initiatives further strengthen our team as we prepare for the upcoming field season, which we anticipate will start this month. We will continue to work closely with Altius as we advance our flagship Wilding Lake Project as well as our other land holdings. The Company is fully funded for its 2017 exploration program and we're looking forward to getting started."
This press release may contain forward-looking information, such as statements regarding the completion of the proposed stock split, the option transaction with Altius for the regional ground and the acquisition of the Wilding Lake Project, the shareholder approval requirements and future plans and objectives of the Company. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the Company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to complete the proposed stock split, the option transaction with Altius, and to obtain title to the Wilding Lake property. Actual results may differ materially from results suggested in any forward-looking information. The Company assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators which filings are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Antler Gold Inc.
Daniel Whittaker, Director, President and Chief Executive Officer, T: (902) 488-4700