- Canter Resources (CNRCF, Financial) achieves a 50% reduction in property carrying costs, saving $130,000 annually.
- Significant reduction in payment obligations, with cash reductions totaling $375,000.
- Major exploration and cash obligations extended to 2027-2028.
Canter Resources Corp. (OTC: CNRCF) has successfully renegotiated its agreements for the Columbus Project, resulting in substantial cost reductions and extended timelines for major obligations. The company has achieved a 50% decrease in property carrying costs, saving $130,000 annually, and has retained 379 core claims spanning 12,460 acres, covering the primary mineralized system.
The company has restructured its payment obligations, significantly reducing near-term cash requirements. A $250,000 payment initially due in 2026 has been reduced to $65,000, payable partially in shares, while a $600,000 payment has been reduced to $450,000 and postponed to December 1, 2027. Moreover, a new $200,000 payment is due on May 9, 2028, as part of the agreements' amendments.
Canter Resources is also addressing its outstanding debt by issuing 2.2 million shares at a price of $0.07 per share to settle a debt of $154,000. The shares issued will be subject to a statutory hold period of four months. This move aims to preserve capital for ongoing corporate growth initiatives.
Regarding exploration commitments, Canter has extended its drilling obligations, requiring the drilling of an additional 2,500 feet and ensuring one hole reaches a minimum depth of 1,500 feet by November 9, 2027, a deadline pushed back from November 2026.
