Global Uranium and Enrichment progressing projects
Private Australian company Ubaryon, in which ASX-listed Global Uranium and Enrichment (GUE) has a shareholding, is continuing to progress funding for ongoing development for the business with several interested parties and is expected to make an announcement on this in the first half of the year.
Ubaryon is developing and commercialising a uranium enrichment technology based on the chemical separation of naturally occurring uranium isotopes.
GUE is the largest shareholder of Ubaryon with a 21.9% shareholding. Ubaryon owns 100% of the Ubaryon enrichment technology.
Also, as announced in February, GUE and Snow Lake Energy have entered into a joint venture (JV) agreement for the acquisition of 100% of the Pine Ridge in-situ recovery uranium project, in Wyoming’s Powder River basin, in the US.
GUE says that, through the JV agreement, the management team is staking further claims surrounding the Pine Ridge project, which is expected to nearly double the footprint of the current project holdings.
The current project holdings includes nearly 20 000 acres of surface access and mineral rights.
GUE has also started the preparation of a drilling programme, including permitting and tendering drill contractors.
As part of the acquisition, the company received binding commitments to raise A$10-million, before costs, through a conditional placement to institutional and sophisticated investors.
Included in the placement, Snow Lake has agreed to invest about A$5.8-million for a 19.9% shareholding in GUE.
The placement is subject to GUE shareholder approval to be sought at an extraordinary general meeting to be held on April 14 and Snow Lake completing due diligence.
To allow Snow Lake to finalise its due diligence, GUE has agreed to extend Snow Lake’s due diligence period until April 10.
GUE further notes that the scoping study for the Tallahassee uranium project, in Colorado, in the US, is currently being finalised and will be available by the end of April.
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