VANCOUVER, BC, July 4, 2022 /CNW/ – Glacier Lake Resources Inc. (TSXV: GLI) (the “Company“) is pleased to announce that it continues to work towards the satisfaction of the remaining conditions until the completion of its proposed acquisition (the “Transaction“) of the Kalahari Palladium-Platinum Project (“KalPlats“) located in the magisterial district of Vryburg in northwestern South Africa. KalPlats is a palladium-rich project located approximately 350 kilometers west of Johannesburg in the North West Province of South Africa.
In connection with the Transaction, the Company has previously entered into a definitive share purchase agreement, dated November 15, 2021with African Thunder Platinum Limited and Fanosi Holdings (Pty) Ltd., pursuant to which the Company proposes to acquire a controlling interest in Stella Platinum (Pty) Ltd. and Greenstone Platinum (Pty) Ltd. (collectively, the “Owners“). The owners control the prospecting rights for KalPlats located in the magisterial district of Vryburg in North West South Africa.
Completion of the Transaction remains subject to a number of conditions, including the completion by the Company of financing of at least CA$15,000,000 (there “Simultaneous funding“) and the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the “SwapIn order to ensure sufficient time to satisfy the remaining conditions, the Owners have agreed to extend the deadline for completion of the Transaction until October 31, 2022.
The Transaction cannot be completed until these conditions have been satisfied, and there can be no assurance that the Transaction will be completed in a timely manner, if at all. The Company has not yet determined the final terms of the concurrent financing and will issue a further press release containing information regarding the concurrent financing as it becomes available.
For more information regarding the Transaction, readers are invited to consult the press release published by the Company on November 17, 2021.
Completion of the Transaction is subject to a number of conditions, including Exchange acceptance. The transaction cannot close until required approvals are obtained and outstanding conditions are met. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that any information published or received regarding the transaction may not be accurate or complete and should not be relied upon. Trading in the Company’s securities should be considered highly speculative.
The Bourse has in no way passed on the merits of the proposed transaction and has neither approved nor disapproved of the content of this press release. Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this release.
The information contained in this document may include forward-looking statements. Although these statements reflect management’s current plans, projections and intentions, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on such forward-looking statements. There is no guarantee that the transactions listed above will be completed on the terms contemplated, or at all. The Company’s actual results, programs, activities and financial condition could differ materially from those expressed or implied by such forward-looking statements.
SOURCE Glacier Lake Resources Inc.
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