TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR” or the “Company”) (TSXV: CUR) (OTCQB: CURUF) is pleased to announce that it has closed the previously announced acquisition (the “Acquisition”) of a 100% undivided interest in the Laguna Salada uranium and vanadium project (“Laguna Salada” or the “Property”) located in Chubut Province, Argentina, pursuant to the option agreement (the “Option Agreement”) dated December 14, 2020 between Company and U308 Corp. (“U308”).
CUR completed the Acquisition for consideration of $1,500,000 that was satisfied by the issuance of 675,675 common shares of the Company (“Common Shares”), at a deemed price of $2.22 per share based on the five-day volume weighted average price of the Common Shares up to June 9, 2021, being the second business day prior to the option being exercised. In addition, pursuant to the Option Agreement, U308 is 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 December 14, 2020.
The Common Shares issued in connection with the Acquisition are subject to a statutory hold period under Canadian securities legislation ending on April 22, 2022.
Philip Williams, President and CEO commented, “We are pleased to close the acquisition of Laguna Salada which adds another 100% owned uranium and vanadium project to our portfolio. We recently sent a technical team to the project to assess its potential exploration upside and to recommend the next phase of work programs for the project. We look forward to working to finalize those plans over the coming weeks and plan to update the market accordingly.”
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.
https://www.globenewswire.com/news-release/2021/12/21/2356398/0/en/Consolidated-Uranium-Closes-Acquisition-of-the-Laguna-Salada-Uranium-and-Vanadium-Project-in-Argentina.html