Anteros Metals Options Seagull Project, Raises $1M for Drilling

Anteros Metals Options Seagull Project, Raises $1M for Drilling

Anteros Metals Inc. (CSE: ANT) has signed a deal with Rift Minerals Inc. for an option on the Seagull Project, a critical minerals exploration target in Ontario. The agreement allows Anteros to potentially earn a 49% working interest in the property. Concurrently, Anteros is conducting a non-brokered private placement offering, aiming to raise up to $1,000,000 through the issuance of flow-through units and hard dollar units.

The Seagull Project, located near Thunder Bay, Ontario, targets platinum group elements, nickel, copper, and helium. Rift has already conducted passive seismic imaging, revealing a deep low-velocity anomaly that will be tested by the planned drill program. Anteros can earn its interest by underwriting a Phase 1 drilling program, making a one-time cash payment of $50,000, and completing a Phase 2 exploration program. The option agreement provides Anteros with low-cost exposure to a high-impact target in an emerging critical minerals jurisdiction, as stated by Anteros CEO Trumbull Fisher.

The private placement offering will see Units issued at $0.05 per Unit, and flow-through Units at $0.065 per Unit. Each flow-through Unit consists of one common share and one-half of one whole common share purchase warrant. Net proceeds will go towards general working capital, while gross proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses.

The transactions are subject to the execution of a definitive agreement and regulatory approvals. If successful, Anteros will expand its Canadian exploration portfolio targeting critical minerals, with a potential 49% stake in the Seagull Project.

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