Anteros Metals Enters Into Letter of Intent and Announces Private Placement of up to $1 Million
Executive Summary
- Anteros Metals entered a binding LOI with Rift Minerals granting Anteros an option to earn up to a 49% working interest in the Seagull Project (critical minerals) by funding Phase 1 drilling and making a $50,000 cash payment.
- The company announced a non‑brokered private placement of flow‑through units and hard‑dollar units for up to $1,000,000 gross proceeds at $0.05–$0.065 per unit, with warrants priced at $0.10 per share and a two‑year exercise period.
- Proceeds will fund general working capital and eligible Canadian critical‑mineral exploration expenses; the transaction is subject to regulatory approvals including CSE clearance.
Key Details
- Option Structure:
- Underwrite Phase 1 drilling of a 1,350 m borehole (estimated cost $400k–$600k) to earn a contingent 20% interest.
- One‑time up‑front cash payment of $50,000 to Rift before drilling commences.
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Potential to negotiate and execute a joint‑venture agreement for up to 49% working interest after Phase 1 results.
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Seagull Project Highlights:
- Located ~80 km NE of Thunder Bay, Ontario; targets PGEs, nickel, copper, helium.
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Rift completed passive seismic imaging identifying a deep low‑velocity anomaly (potential gas‑bearing zone/mineralized feeder).
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Private Placement Terms:
- Units offered at $0.05 each; Flow‑through units at $0.065 each.
- Each FT Unit = 1 flow‑through common share + ½ whole warrant; each regular Unit = 1 common share + ½ whole warrant.
- Warrants allow purchase of one common share at $0.10 per share, exercisable for two years from issuance.
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Gross proceeds target: up to $1,000,000.
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Use of Proceeds:
- General working capital (from all units).
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FT Share proceeds earmarked for “Canadian exploration expenses” qualifying as flow‑through critical‑mineral mining expenditures under the Income Tax Act.
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Closing Conditions & Hold Period:
- Closing subject to receipt of required regulatory approvals, including CSE approval.
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Securities subject to a hold period of four months + one day and applicable resale rules.
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Regulatory/Compliance:
- Qualified Person (Dr. Geoff Heggie, P.Geo.) reviewed technical disclosure per NI 43‑101.
- Transaction pending definitive agreement and CSE approval; not an offer in the United States.
Notable Quotes
“We’re pleased to partner with Rift to advance the Seagull Project as a complementary addition to our Canadian exploration portfolio,” – Trumbull Fisher, CEO, Anteros Metals
All forward‑looking statements are subject to risks and uncertainties that could cause actual results to differ materially.