IsoEnergy Ltd. (TSX-V: ISO) (OTCQX: ISENF) is pleased to announce that it has entered into a binding Heads of Agreement with 92 Energy Pty. Ltd. for 92 Energy to acquire a 100% interest in IsoEnergy’s Clover, Gemini, and Tower uranium properties in Saskatchewan, Canada.
The Properties are located in the Eastern Athabasca Basin, Saskatchewan, and were staked by IsoEnergy in May, 2020 (see Figure 1). The Clover property is 23,959ha and contains over 40km of electromagnetic geophysical conductors. The Gemini property is 5,783ha and is located along the eastern basin margin 60km northeast of the Key Lake uranium mill. The Tower property is 6,301ha and is located 11km southeast of the Cigar Lake uranium mine.
92 Energy is a privately held Australian company currently planning an initial public offering of its common shares on the Australian Stock Exchange in early 2021. Following the acquisition of the Properties and the IPO, 92 Energy will be one of the few ASX listed mining companies with assets in the Athabasca Basin.
Craig Parry, IsoEnergy’s President and CEO commented: “IsoEnergy has assembled a large landholding in the Eastern Athabasca via property purchases and low-cost land staking. With the recent growth in our Hurricane uranium discovery at the Larocque East property, it and our other properties in the Larocque Lake area have become our primary focus. The Agreement with 92 Energy generates value from some of our newly staked properties and exposes IsoEnergy to the increasing appetite for Athabasca uranium stories in the Australian market.”
Terms of the Agreement
Pursuant to the Agreement, 92 Energy will acquire a 100% interest in the Clover, Gemini, and Tower uranium properties in consideration for the issuance of common shares equivalent to 16.25% of the issued capital of 92 Energy following the IPO. The shares will be issued at a price of A$0.20, and it is anticipated that approximately 6,500,000 common shares will be issued to IsoEnergy. Additional consideration to IsoEnergy includes milestone cash payments of A$100,000 within 60 days of 92 Energy’s IPO, and an additional A$100,000 within 6 months of that date. IsoEnergy will retain a 2% NSR on the Properties and will be entitled to nominate a member to 92 Energy’s Board of Directors, provided IsoEnergy maintains a minimum ownership position of 5%. 92 Energy will be required to spend an aggregate of A$1,000,000 on exploration expenditures on the Properties prior to May 1st, 2022.
The terms of the Agreement and the transaction contemplated are subject to requisite regulatory approval.
Figure 1 – Properties to be acquired by 92 Energy (marked in red)
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
Talisker Resources Ltd. (TSX: TSK) (OTCQB: TSKFF) is pleased to a... READ MORE
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to an... READ MORE
HIGHLIGHTS New high-grade silver and lead vein system discovered ... READ MORE
Drill Highlights: 100% of all holes completed to date on the Sure... READ MORE
Titan Mining Corporation (TSX: TI) announces the results for the... READ MORE
We acknowledge the [financial] support of the Government of Canada.