- Sona Nanotech (SONA) is selling its non-core interest in the Crescent Lake lithium property to Midex Resources
- The property is located in Ontario and was acquired by Antler Gold Inc. from Sona in May 2019
- Under the Midex agreement, Antler has agreed to sell the property in consideration of C$125,000 in cash and the issuance of common shares of Midex Resources Ltd.
- Sona Nanotech (SONA) stock opened trading at $0.17 per share
Sona Nanotech (SONA) is selling its non-core interest in the Crescent Lake lithium property to Midex Resources.
The property is located in Ontario and was acquired by Antler Gold Inc. from Sona in May 2019.
Under that agreement, Sona is entitled to receive 50 per cent of the consideration received by Antler for the property, net of Antler’s aggregate expenses related to the marketing, selling, upkeep and maintenance of the property, to a maximum of C$3,000,000.
Under the Midex agreement, Antler has agreed to sell the property in consideration of C$125,000 in cash and the issuance of common shares of Midex Resources Ltd., representing 12 per cent of its issued and outstanding capital.
Sona is entitled to 50 per cent of the cash consideration less Antler’s expenses and Midex will register 50 per cent of the share consideration in the name of Sona.
David Regan, CEO of Sona, commented on the news.
“The proceeds of this transaction will provide additional value to the company as it pursues the development of its Targeted Hyperthermia Therapy cancer treatment using its proprietary, biocompatible gold nanorods.”
Sona Nanotech is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles. The company researches and develops gold nanorod products. It makes products for diagnostic tests and medical treatment applications. The company’s product includes Gemini and saliva tests.
Sona Nanotech (SONA) opened trading at $0.17 per share.
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