First American Uranium grants Myriad uranium option on Red Basin project
CSE-listed First American Uranium has entered into an option agreement with fellow-listed Myriad Uranium for the Red Basin uranium/vanadium mineral claims in Catron county, New Mexico.
Under the agreement, Myriad may earn a 100% interest in the Red Basin property, currently held by a subsidiary that is 60% owned by First American Uranium.
To acquire full ownership, Myriad must pay C$275 000 in cash, with C$25 000 already paid under a prior letter of intent. The company must also issue common shares valued at C$250 000 and conduct a geophysics survey within 12 months. As a majority stakeholder in the subsidiary, First American Uranium is entitled to 60% of the total consideration.
The transaction is subject to corporate and regulatory approvals, along with other customary closing conditions.
First American Uranium focuses on mineral exploration and asset acquisition in North America.
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