St. Anthony Gold Closes Sale of Panama Lake Gold Project

Rhea-AI Summary

St. Anthony Gold Corp has successfully closed the sale of the Panama Lake Property to Trillium Gold Mines Inc. for $500,000 in cash and 1,000,000 common shares. Should Trillium obtain a 100% interest, St. Anthony holds a one-year option to repurchase a 1% net smelter royalty for $1,000,000. Additionally, the Company issued 3,000,000 bonus units to management and consultants, each comprising a common share and a warrant for another share at $0.05 for two years. The Trillium shares are subject to a four-month holding period.

Positive

• Received $500,000 cash from Trillium Gold Mines.
• Acquired 1,000,000 common shares in Trillium Gold.
• Retained an option to repurchase a 1% net smelter royalty for $1,000,000.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / July 18, 2022 / St. Anthony Gold Corp. ("St. Anthony" or the "Company") (CSE:STAG)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to announce that it has closed the previously announced sale of all of its rights and title to the Panama Lake Property (the "Property") to Trillium Gold Mines Inc.("Trillium").

Trillium paid St. Anthony $500,000 in cash and issued 1,000,000 common shares in the capital of Trillium to the Company. In the event Trillium acquires a 100% interest in the Property, St. Anthony has a one-year option to cause Trillium to exercise its buy-back right to repurchase from Benton Resources one-half of the 2% net smelter royalty on the Property and convey such repurchased 1% net smelter royalty to St. Anthony in exchange for a cash payment by St. Anthony to Trillium of $1,000,000.

The common shares of Trillium Gold issued under the Purchase Agreement will be subject to a four-month holding period.

The Company also issued 3,000,000 bonus common units from treasury to management and consultants in respect to the closing of this transaction. Each unit consists of one common share and one common share warrant entitling the holder to one additional common share for $0.05 for a period of 2 years.

FOR ADDITIONAL INFORMATION SEE THE COMPANY'S WEB SITE AT

https://stanthonygoldcorp.com
Email to info@stanthonygoldcorp.com
Contact: Peter Wilson CEO - 604-649-0945

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information about the Company is available on www.SEDAR.com under the Company's profile.

SOURCE: St. Anthony Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/708869/St-Anthony-Gold-Closes-Sale-of-Panama-Lake-Gold-Project

FAQ

What did St. Anthony Gold Corp announce on July 18, 2022 regarding MTEHF?

St. Anthony Gold Corp announced the closing of the sale of the Panama Lake Property to Trillium Gold Mines Inc. for $500,000 and 1,000,000 shares.

How much cash did Trillium Gold Mines pay St. Anthony for the Panama Lake Property?

Trillium Gold Mines paid St. Anthony $500,000 in cash.

What are the terms regarding the 1% net smelter royalty in the Panama Lake Property deal?

St. Anthony has a one-year option to repurchase a 1% net smelter royalty for $1,000,000 if Trillium obtains a 100% interest.

What additional compensation did St. Anthony Gold Corp issue with the closing of the transaction?

St. Anthony issued 3,000,000 bonus common units to management and consultants, each consisting of one share and one warrant.

What is the holding period for the shares issued to St. Anthony by Trillium Gold?

The shares issued to St. Anthony by Trillium Gold are subject to a four-month holding period.