Canter Resources Corp. a US-focused critical mineral exploration company, has announced that it has agreed to amended terms that provide for an approximately 50 per cent reduction in property carrying costs, reduced future payment obligations and timeline extensions that push all major cash or exploration work related obligations to 2027 and 2028.
“First and foremost, I’d like to thank our option partner at Columbus for the collaboration,” Canter’s CEO, Joness Lang, commented. “We both share the same conviction in the future of domestic lithium production being driven by brine resources and lower-cost, environmentally sustainable direct lithium extraction and believe the Columbus Project represents a tremendous opportunity for a major brine discovery. Our technical group has significantly de-risked the deeper targets at Columbus and the amendment to the underlying terms creates a more attractive framework for Canter and the prospective strategic partners and investors with which the Company remains in advanced discussions.”
The Company’s management group has also contributed to cash preservation with deferral arrangements and reductions to ensure adequate capital is in place to support key corporate growth initiatives. Subject to regulatory approval, the Company intends to complete debt settlements by the issuance of a total of 2,200,000 common shares at a deemed price of $0.07 per Share to settle debts owing pursuant to past management, consulting, accounting and other services provided to the Company for a total amount of $154,000.
The Shares issued in connection with the Debt Settlements will be subject to a statutory hold period of four months following the closing of the Debt Settlements in accordance with applicable securities legislation.
To find out what else is going on in the mining industry, click here!