Antler Gold Inc. (TSX-V: ANTL) and Sona Nanotech Inc. (CSE: SONA) are pleased to announce that Antler has acquired from Sona a 100% interest in certain mineral claims comprising the Crescent Lake/KM61 molybdenum-copper-silver project located in Armstrong, Ontario, as announced in a press release dated May 15, 2019.
Antler acquired the Property in consideration of the assumption of all liabilities of Sona associated with the Property and the future payment to Sona of contingent consideration if Antler disposes of the Property to a third party, or enters into an agreement or arrangement with a third party to otherwise monetize the Property by way of joint venture, option or other form of transaction. The amount of the contingent consideration payable to Sona will be equal to 50% of the consideration received by Antler in the Future Transaction (net of Antler’s aggregate expenses related to the marketing, selling, upkeep and maintenance of the Property incurred between the acquisition of the Property and the date of such Future Transaction), to a maximum of $3,000,000.
The Transaction was a Non-Arm’s Length transaction pursuant to TSX Venture Exchange policies, as Daniel Whittaker is the CEO and a director of Antler and a director of Sona; Jim Megann is a director of Antler and former director of Sona; Robert Randall is the Chief Financial Officer of both Antler and Sona; and Wade Dawe is a significant shareholder of both Antler and Sona. In accordance with TSXV requirements, the Transaction was approved by the shareholders of Antler, excluding the votes of Daniel Whittaker, Jim Megann, Robert Randall and Wade Dawe and their Associates (as defined in TSXV policies), at the annual and special meeting of shareholders held on June 27, 2019.
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