The TSX Venture Exchange has accepted for filing the documentation relating to an option agreement dated May 6, 2020, between Antler Gold Inc. and Eliphas Shaningua Shipanga (the vendor), an arm's-length party to the issuer, in connection with the option to acquire a 100-per-cent interest in a gold exploration licence known as EPL 6550, located in the Erongo region of central Namibia, 20 kilometres north from the towns of Karibib and Omaruru.
Pursuant to the agreement, the company shall pay the vendor $3,500 in cash and issue 35,945 common shares of Antler at the closing of the agreement. The company must also spend up to $25,000 worth of exploration expenses on or before the EPL renewal date of Dec. 31, 2020. Once the EPL is renewed, in order to acquire EPL 6550, Antler must make a cash payment of $5,000, and issue an additional 10,000 common shares and a further $2,500 worth of common shares of the company. Finally, Antler must also spend a further amount such that the total exploration expenditure within one year of the renewal is equal to or greater than $75,000 in order to acquire the 100-per-cent interest in EPL 6550.
For further information, please refer to the company's news release dated May 7, 2020.