Acquisition of the Red Basin Uranium Project Advances First American Uranium Inc. (URM.c FAUMF) is in the process of acquiring the Red Basin Uranium/Vanadium Project, recently making payments and issuing shares as a part of an option agreement to acquire the project.
With this, URM currently owns 60% of the company that fully owns Red Basin. Under the option agreement URM can fully acquire the project by this October.
The Red Basin Project has a history of uranium exploration, with past estimates suggesting a resource potential of 1.6 to 6.5 million pounds of U3O8.
https://www.globenewswire.com/news-release/2023/08/14/2724331/0/en/First-American-Uranium-Makes-Option-Payment-and-Issues-Shares-Related-to-the-100-Acquisition-of-Uranium-Vanadium-Mineral-Claims-in-New-Mexico.html