Consolidated Uranium Inc. (“CUR”, the “Company”,
“Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF) is
pleased to provide the following updates on the option agreement
(the “
Option Agreement”) with Mega Uranium Ltd.
(“
Mega”) (TSX: MGA) that was previously
announced on May 14, 2020 and subsequently closed on June 18
2020, providing CUR with the option to acquire a 100%
undivided interest in the Ben Lomond and Georgetown uranium
projects in Australia.
CUR has provided notice to Mega of its exercise
of the option to acquire the Ben Lomond Project, for consideration
of $3,035,000, comprised of $2,500,000 for the exercise of the
option and an additional $535,000 Mega is entitled to receive under
the spot price contingent payment terms of the agreement. The
entire amount will be satisfied by the issuance of 1,340,548 Common
Shares, at a deemed price of $2.264 per share based on the 5-Day
VWAP of the Common Shares up to June 10, 2022, being the second
business day prior to the option being exercised. Upon issuance, it
is anticipated that the 1,340,548 Common Shares will be held in
escrow pending closing of the acquisition. In addition, as a result
of the exercise of the option, Mega will be entitled to receive
certain future payments contingent upon the attainment of certain
milestones tied to the spot price of uranium, as described in the
Company’s press release dated May 14, 2020. The exercise also
triggers Mega’s right, for a period of 120 days from the exercise
of the Ben Lomond option, to sell the Georgetown project to CUR for
additional consideration of $500,000, payable in cash or shares
which if exercised by Mega, will also entitle it to receive certain
future payments contingent upon the attainment of certain
milestones tied to the spot price of uranium again as described in
the Company’s press release dated May 14, 2020.
Philip Williams, Chairman and CEO commented “We
believe that Australia is a highly desirable jurisdiction for
owning and advancing uranium projects. Exercising the Ben Lomond
option is an important step in expanding our presence in the
country.”
Closing of the acquisition remains subject to
satisfaction of certain closing conditions customary for a
transaction of this nature. All securities issued in connection
with the Option Agreement are subject to final approval of the TSXV
and will be subject to a hold period expiring four months and one
day from the applicable date of issuance.
About Consolidated Uranium
Consolidated Uranium Inc. (TSXV: CUR) (OTCQB:
CURUF) was created in early 2020 to capitalize on an anticipated
uranium market resurgence using the proven model of diversified
project consolidation. To date, the Company has acquired or has the
right to acquire uranium projects in Australia, Canada, Argentina,
and the United States each with significant past expenditures and
attractive characteristics for development. Most recently, the
Company completed a transformational strategic acquisition and
alliance with Energy Fuels Inc., a leading U.S.-based uranium
mining company, and acquired a portfolio of permitted,
past-producing conventional uranium and vanadium mines in Utah and
Colorado. These mines are currently on stand-by, ready for rapid
restart as market conditions permit, positioning CUR as a near-term
uranium producer.For More Information, Please
Contact:
Philip WilliamsChairman
& CEOpwilliams@consolidateduranium.com
Twitter: @ConsolidatedUr
www.consolidateduranium.com
Neither TSX Venture Exchange nor its Regulations
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding
“Forward-Looking” Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. “Forward-looking information” includes, but is not
limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future including, but not limited to, the Company’s
ongoing business plan, exploration and work programs. Generally,
but not always, forward-looking information and statements can be
identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved” or the negative
connotation thereof. Such forward-looking information and
statements are based on numerous assumptions, including that
general business and economic conditions will not change in a
material adverse manner, that financing will be available if and
when needed and on reasonable terms, and that third party
contractors, equipment and supplies and governmental and other
approvals required to conduct the Company’s planned exploration
activities will be available on reasonable terms and in a timely
manner. Although the assumptions made by the Company in providing
forward-looking information or making forward-looking statements
are considered reasonable by management at the time, there can be
no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also
involve known and unknown risks and uncertainties and other
factors, which may cause actual events or results in future periods
to differ materially from any projections of future events or
results expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals and the risk factors with respect
to Consolidated Uranium set out in CUR’s annual information form in
respect of the year ended December 31, 2020 filed with the Canadian
securities regulators and available under CUR’s profile on SEDAR at
www.sedar.com.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking information
or implied by forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company undertakes no obligation to update or reissue
forward-looking information as a result of new information or
events except as required by applicable securities laws.
Mega Uranium (TSX:MGA)
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