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Saville Announces Uranium Asset Acquisition in Hornby Basin, Nunavut Territory
VANCOUVER, BC / ACCESSWIRE / August 16, 2024 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the "...
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[{"type":"text","content":"Saville Announces Uranium Asset Acquisition in Hornby Basin, Nunavut TerritoryVANCOUVER, BC / ACCESSWIRE / August 16, 2024 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the \"Company\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with 2362516 Ontario Inc. (\"PrivCo\") to acquire six mineral leases (the \"Leases\") in the Hornby Basin, Nunavut Territory (the \"Transaction\").About PrivCo and the PropertyPrivCo is a private company incorporated pursuant to the laws of Ontario and headquartered in Toronto, Ontario.The property is located in the Hornby Basin, Nunavut Territory and is comprised of 6 mineral leases comprising a total land area of approximately 6,201 ha (~62 km2). Between 1996 and 2004 the leases were part of a land package controlled by Hornby Bay Exploration Ltd, which spent approximately $10 million on exploration and completed a technical report in 2004.Transaction TermsPursuant to the Agreement, the Company has agreed to issue 12,500,000 Common Shares to a syndicate of vendors led by PrivCo in consideration of the acquisition of a 100% legal and beneficial interest in the Leases.Upon closing of the Transaction, the Company will add the Leases to its existing property portfolio, and further assess the exploration and development potential thereof. Following the closing of the Transaction, the Company may also target other mineral exploration opportunities if it determines such targets have sufficient geological or economic merit and if the Company has adequate financial resources to complete such acquisitions.Closing of the Transaction is subject to the satisfaction of customary closing conditions, including TSXV acceptance, as well as applicable board approvals.On behalf of the Board of DirectorsSAVILLE RESOURCES INC.\"Rob Leckie\"Rob Leckie, CEOTel: 604.681.1568The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under...