Business
Completion of option for sale of Uranium Projects
Completion of option for sale of Uranium Projects.
About this update from Fulcrum Metals Plc
[{"type":"text","content":"\n\nFulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining\n30 July 2024\n \nFulcrum Metals plc\n(\"Fulcrum\" or the \"Company\" or the \"Group\")\n \nCompletion of option agreement for sale of Saskatchewan Uranium Projects\n \nFurther to the Company's announcement of 3 July 2024, Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce the closing of the definitive option agreement (the \"Agreement\") dated 2 July 2024 for the sale of the Company's uranium projects located in Saskatchewan, Canada (the \"Uranium Projects\") to Terra Balcanica Resources Corp. (CNSX: TERA) (\"Terra\").\n \nUnder the terms of the Agreement, and as announced on 3 April 2024, Terra has the option to acquire 100% of Fulcrum's Uranium Projects, consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects by completing four years of exploration programmes and making a series of cash and equity payments as outlined below:\n \n \n\n\n\n\n\n\n\nCash to Fulcrum\n\n\nValue of Shares in Terra to Fulcrum\n\n\nExploration Expenditures required by Terra\n \n\n\n\n\nPayment received by Fulcrum on 4 April 2024\n\n\nCA$7,500\n\n\n\n\n\n\n\n\n\n\nPayment received by Fulcrum on 18 June 2024 \n\n\nCA$25,000 less CA$7,500 exclusivity agreement\n\n\nCA$250,000\n\n\n \nComplete minimum work expenditures totalling CA$3,250,000\nPrior to fourth anniversary of the Option Agreement\n\n\n\n\nYear 1\n\n\nCA$50,000\n\n\nCA$350,000\n\n\n\n\nYear 2\n\n\nCA$75,000\n\n\nCA$560,000\n\n\n\n\nYear 3\n\n\nCA$75,000\n\n\nCA$650,000\n\n\n\n\nYear 4\n\n\nCA$75,000\n\n\nCA$1,250,000\n\n\n\n\nTotal\n\n\nCA$300,000\n\n\nCA$3,060,000\n\n\nCA$3,250,000\n\n\n\n\n \nOn closing of the Agreement, Fulcrum has been issued a total of 1,997,151 common shares in Terra (the \"Initial Terra Consideration Shares\") at a deemed issue price of $0.125 per Terra share representing 4.49% per cent. of the issued share capital of Terra. The Initial Terra Consideration Shares will be subject to a hold period of four months from the date of issuance in accordance with applicable securities laws in Canada. Thereafter Fulcrum has agreed to orderly sales provisions with respect to the Initial Terra Consideration Shares.\n \nIn addition, and following the exercise o...