Canex Metals Inc.( Au-Ag Projects, BC, Canada)
In 2017 Altius optioned its 887 hectare Gibson Gold-Silver Project in central BC to Canex Metals Inc. ("Canex") (TSX-V:CANX) . As consideration, Altius is to receive payments totalling up to 3,545,000 common shares in Canex staged over 18 months (1,125,000 on signing), resulting in a 16.5% equity stake in Canex. A further milestone based share payment of 1,275,000 shares is to be delivered to Altius upon the successful delineation of gold resources on the Gibson project amounting to measured and indicated resources of 1 million ounces gold equivalent. Altius will retain an effective 1.5% NSR royalty and preferential rights on any future royalties or streams granted on the Property as well as a pro rata right to participate in future equity financings of Canex for two years. Canex has committed to fund a minimum of $500,000 in exploration expenditures over the first 18 months.
A subsequent deal was announced with Canex in May 2018 to grant the Company an option to acquire a 100% interest in its other 5 mineral exploration properties in British Columbia. The portfolio of projects ranges from early stage to more advanced properties, and comprises high and low sulphidation epithermal targets, porphyry Cu-Au targets, and mesothermal gold targets. As part of this new Agreement Altius will contribute $100,000 toward an anticipated $500,000 financing by Canex and upon completion Altius will hold roughly 12% of the outstanding shares of the Company.
Altius was successful in assembling the BC portfolio during the industry downturn and now has the luxury to sell the portfolio to a preferred partner in Canex and its President, Dr. Shane Ebert. Altius has a long standing professional relationship with Shane and his group and is delighted to transform this portfolio into a significant shareholding in this technically capable and financially proficient exploration business.
For further information regarding the BC properties please visit and detailed terms of the agreements at http://canexmetals.ca/.