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ATHA Energy Agrees to Terms on $8 Million Option Agreement With Inspiration Energy for Plateau and Ledge Properties
HIGHLIGHTS Option provides Inspiration Energy an opportunity to acquire a 70% interest in each of ATHA’s early-stage Plateau Property (27,252 Ha) and Ledge Prop
About this update from Atha Energy Corp.
[{"type":"text","content":" HIGHLIGHTS Option provides Inspiration Energy an opportunity to acquire a 70% interest in each of ATHA’s early-stage Plateau Property (27,252 Ha) and Ledge Property (37,784 Ha), located in the Athabasca Basin, by fulfilling a total of $8 million in exploration expenditures on the properties: Plateau: Inspiration must incur a total of $3.8 million in eligible exploration expenses between closing of the agreement and September 1, 2028 Ledge: Inspiration must incur a total of $4.2 million in eligible exploration expenses between closing of the agreement and September 1, 2028 Within two days following regulatory approval, Inspiration Energy shall issue 4,330,228 Inspiration Energy Corp common shares to ATHA ATHA is entitled to anti-dilution rights such that shares issued shall be adjusted upwards to maintain a 9.0% ownership position in Inspiration Energy during the option period VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to announce it has entered into an agreement with Inspiration Energy Corp. (CSE: ISP) (“Inspiration”) whereby ATHA has granted Inspiration an exclusive option to acquire an undivided 70% interest in each of ATHA’s Plateau and Ledge properties (together, the “Properties”), subject to option considerations and work commitments outlined in the option agreement. The option agreement on two of ATHA’s early-stage projects follows the Company’s maiden exploration program in 2023, where ATHA invested at scale in a large number of early-stage uranium exploration projects within its exploration portfolio in order to identify and de-risk a high number of targets within the high-grade Athabasca Basin, which now supplement the discovery potential of its recently acquired Angilak and Gemini projects. As part of its maiden exploration program, ATHA utilized modern survey techniques on underexplored claims in the Athabasca Basin, which included the largest-known electromagnetic survey in the history of the Basin. Troy Boisjoli, CEO of ATHA Energy commented: “With 4.8 million acres of exploration land in the high-grade Athabasca Basin and over 8 million total acres in ATHA’s uranium exploration portfolio, ...