Eagle Plains Vends Uranium Dispositions in the Eastern Athabasca Basin to Standard Uranium, Extends Warrants

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[{"type":"text","content":"Eagle Plains Vends Uranium Dispositions in the Eastern Athabasca Basin to Standard Uranium, Extends WarrantsCRANBROOK, BC / ACCESSWIRE / August 24, 2023 / Management of Eagle Plains Resources Ltd. (TSXV:EPL) (\"Eagle Plains\", or \"EPL\" or the \"Company\") is pleased to announce that it has entered into a mineral property purchase and sale agreement (the \"Purchase Agreement\"), dated effective August 24, 2023, with a wholly-owned subsidiary of Standard Uranium Ltd. (\"Standard\"),(TSX-V:STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU), pursuant to which Standard will acquire eight additional mineral claims totalling 4,278 hectares contiguous with the recently staked Corvo Project, in the Eastern Athabasca Basin region (the \"Acquisition\"). Upon completion of the Acquisition, the Corvo Project will comprise 7,989 hectares within ten claims and contain 14.5 km of prospective exploration corridors across two trends.Summary of Purchase AgreementPursuant the terms of the Definitive Agreement, the aggregate purchase price payable by Standard Uranium to the Eagle Plains consists of (a) 1,250,000 common shares of the Company, (the \"Consideration Shares\") and (b) the granting of a net smelter returns royalty of 2.5% (the \"NSR Royalty\") to Eagle Plains on all Corvo claims effective as of the commencement of commercial production. The NSR Royalty is subject to a buydown right in favour of Standard Uranium pursuant to which Standard Uranium may extinguish 1% of the NSR Royalty in exchange for payment of $1,000,000, thereby reducing the NSR Royalty to 1.5%. The Consideration Shares will be subject to a four month hold period as prescribed by applicable securities laws.With the expansion of the Corvo Project, Standard will have ownership interests in seven projects totalling over 75,895 ha across the uranium-rich Athabasca Basin.Completion of the Acquisition remains subject to the approval of the TSX Venture Exchange. The Company and Eagle Plains are at arms-length, and no finders' fees or commissions are payable by the Company in connection with the Acquisition. Upon issuance, the Consideration Shares will be subject to a four month hold period as prescribed by applicable securities laws.\"Completing this deal with Eagle Plains will add significant value to the Corvo Project, delivering more than 5 kilometres of additional prospective explor...

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