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Great Northern Energy Metals Announce Amendment Agreements to Nuvemco Option Agreement
VANCOUVER, BC, June 4, 2025 /CNW/ - Great Northern Energy Metals Inc. ("GNEM" or the "Company") (CSE: GNEM) announces that it has amended the option agreement d
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[{"type":"text","content":" VANCOUVER, BC, June 4, 2025 /CNW/ - Great Northern Energy Metals Inc. (\"GNEM\" or the \"Company\") (CSE: GNEM) announces that it has amended the option agreement dated August 20, 2024 (the \"Option Agreement\") with Ventura Uranium LLC (dba Nuvemco, LLC) (\"Nuvemco\"), 1494402 B.C. Ltd. (the \"Optionee\") and Paul Szilagyi (\"PS\", and together with Nuvemco, the \"Optionors\"). The Optionee's obligations under the Option Agreement were assigned to GNEM pursuant to an assignment an assumption agreement dated May 8, 2025 (the \"Assignment Agreement\"). Under the terms of the Option Agreement, the Company has the exclusive right to acquire up to a 100% interest in a Colorado-based uranium project (the \"Property\") through a two-stage option to acquire all of the membership interests in a Colorado limited liability company, NUV2C, LLC (\"Holdco\"), which holds legal and beneficial title to the Property. Nuvemco currently owns 99% of Holdco, and PS owns the remaining 1% of Holdco. GNEM may exercise the first option and earn a 49% interest in Holdco in exchange for: cash payments to Nuvemco totaling USD$1,750,000 over 17 months (with the first such payment being the \"First Pubco Cash Payment\"); and the issuance of common shares in the capital of GNEM (the \"GNEM Shares\") to Nuvemco and/or its designees a number of GNEM Shares that is equal to 16.66% of the issued and outstanding GNEM Shares, calculated on a post-issuance, fully diluted basis at the time of issuance (with the first such issuance being the \"First Option Share Payment\"). Following the exercise of the first option, the Company may exercise the second option and acquire the remaining 51% interest in Holdco in exchange for the issuance of GNEM Shares to Nuvemco and/or its designees representing an additional 23.33% of the Company on a post-issuance, fully diluted basis. GNEM and the Optionors have entered into amendment agreements dated May 15, 2025 (the \"First Amendment Agreement\") and June 2, 2025 (the \"Second Amendment Agreement\", and together with the First Amendment Agreement, the \"Amendment Agreements\"). The First Amendment Agreement extended the date for the First Pubco Cash Payment and the First Option Share Payment to June 4, 2025. The Second Amendment Agreement has further extended the date for the First Pubco Cash Payment and the First Option S...