HALIFAX, Feb. 7, 2017 /CNW/ - Antler Gold Inc.
("Antler" or "Company") (TSX-V: ANTL) is pleased to announce that
due to strong response from potential investors the previously
announced brokererd best efforts private placement ("Financing") of
$2.2 million of common shares
("Shares") and flow-through common shares ("FT Shares") led by
Mackie Research Capital Corporation, has been increased by
$600,000 to gross proceeds of up to
$2,800,000 comprised of 2,445,600
Shares and 1,280,094 FT Shares at a price of $0.70 per Share and at $0.85 per FT Share, subject to TSX Venture
approval.
As previously disclosed, Antler has agreed to grant the Agents
an option (the "Over-Allotment Option"), to purchase, in whole or
in part, up to an additional 15% of such number of Shares and FT
Shares sold by the Agents, excluding any Shares and FT Shares sold
to certain excluded purchasers (the "Excluded Shares"), to cover
over-allotments, if any. The Over-Allotment Option is exercisable,
in whole or in part by the Agents at any time up to 48 hours prior
to the closing date of the Financing.
As compensation for its services, the Agents will receive a cash
commission equal to (a) 7% of the gross proceeds of the Financing
other than proceeds from the sale of the Excluded Shares and (b) 2%
of the gross proceeds from the sale of the Excluded Shares. The
Agents will also receive non-tranferable compensation options which
will entitle them to acquire such number of common shares as is
equal to 5% of the number of Shares and FT Shares sold under the
Financing other than the Excluded Shares at a price of $0.70 per common share. These options will be
exercisable for a period of 18 months from the closing of the
Financing.
Antler intends to use the net proceeds of the Financing to
continue exploration on its Wilding Lake Gold project in
Central Newfoundland and for
working capital purposes. The proceeds of the FT Shares are to
qualify for the Canadian Exploration Expense and will be renounced
to subscribers of such shares no later than December 31, 2017.
The financing is subject to the TSX Venture approval and all
securities issued pursuant to the Financing will be subject to a
four-month statutory hold period from the date of issue.
Cautionary Statements
This press release may contain forward-looking information, such
as statements regarding the planned Financing, completition of the
transaction and future plans of the Company. This information is
based on current expectations and assumptions (including
assumptions relating to 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 Financing. Actual results
may differ materially from results suggested in any forward-looking
information. Antler does not assume any 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 Antler. Additional information identifying risks
and uncertainties is contained in the filings made by Antler with
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.