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Canadian Uranium To Acquire Option On King South Property
Vancouver, British Columbia – January 28, 2026 – TheNewswire - Canadian Uranium Corp. (CSE: CANU) (the “Company”) is pleased to announce that it has entered int
About this update from Canadian Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia – January 28, 2026 – TheNewswire - Canadian Uranium Corp. (CSE: CANU) (the “Company”) is pleased to announce that it has entered into an option acquisition agreement (the “Option Acquisition Agreement”) with Impact Uranium Group Ltd. (“Impact”), pursuant to which it will acquire Impact’s right to acquire the King South property in Saskatchewan (the “Property”) pursuant to an amended mineral property option agreement (the “Option Agreement”) with Doctors Investment Group Ltd. (the “Optionor”) in consideration for 8,230,187 common shares in the capital of the Company (the “Consideration Shares”) issued at a deemed price of $0.45 per Consideration Share (the “Option Acquisition”). The Considerations Shares will be subject to a four-month hold period under applicable securities laws and policies of the Canadian Securities Exchange (“CSE”). Upon completion of the Option Acquisition, pursuant to the terms of the Option Agreement, the Company may acquire the Property by: (i) paying $200,000 on or before March 13, 2026; (ii) paying $350,000 on or before March 13, 2027; (iii) paying $500,000 on or before March 13, 2028; (iv) incurring $100,000 in exploration expenditures, by July 30, 2026; (v) incurring additional $500,000 in exploration expenditures, on or before March 13, 2027; and (vi) incurring additional $1,400,000 in exploration expenditures, on or before March 13, 2028 (the “Option”). Upon commencement of commercial production at the Property, if the Company exercises the Option, the Company will pay a 1% net smelter returns royalty to the Optionor, which may be repurchased by the Company for $1,500,000. Closing of the Option Acquisition is subject to: (i) the receipt of all necessary consents, approvals, and authorizations, including acceptance by the CSE and approval by the shareholders of Impact, for the Option Acquisition and the issuance of the Consideration Shares; and (ii) other customary conditions for a transaction of this nature. About the King South Property The King South Project is located in Saskatchewan’s prolific Western Mineral Tenure Zone (WMTZ) within the eastern Athabasca region, which hosts world-class uranium deposits including Cigar Lake, McArthur River, Key Lake, Collins Bay, and Eagle Point. The project is adjacent to exploration ground controlled by Fission 3.0 an...