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Sulliden Mining Capital Announces Agreement to Acquire Quebec Uranium Mining Concessions
TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce it has entered into a s
About this update from Future Mineral Resources Inc.
[{"type":"text","content":" TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce it has entered into a share exchange agreement dated March 23, 2022, pursuant to which the Company has agreed to acquire all of the issued and outstanding common shares of a private Ontario company (“Privco”) from its shareholders, subject to the terms and conditions set out in the agreement. Privco holds 965 uranium claims representing 51,035 hectares of concessions in the mining-friendly jurisdiction of Quebec. Most of the property is located in the Proterozoic Otish Supergroup. The claims represent a significant land position. Two of the three claim blocks surround the most advanced project in the district, the Matoush Deposit (owned by Consolidated Uranium Inc. (“Consolidated”)), that displays a historical mineral resource consisting of 586,000 tonnes @ 0.954% U3O8 of indicated material and 1,686,000 tonnes @ 0.442% U3O8 of inferred material, at a cut off of 0.1% U3O8. For more information about the Matoush Deposit, please see Consolidated’s press release dated August 19, 2021, which is available under the company’s SEDAR profile at www.sedar.com. As consideration for the acquisition of a 100% equity interest in Privco (the “Acquisition”), Sulliden shall issue 25 million common shares of the Company to the shareholders of Privco at a deemed price per share of $0.125, for aggregate consideration of $3,125,000. The Acquisition is an arm’s length transaction for purposes of the policies of the Toronto Stock Exchange (“TSX”) and remains subject to customary closing conditions, including TSX approval. No finder fees are payable in connection with, and no change of control of Sulliden will result from, the transaction. The transaction is expected to close in April 2022. About Sulliden Mining Capital Inc. Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas. Sulliden Mining Capital Inc. On behalf of the Board “Stan Bharti” Interim Chief Executive Officer For more information: Ryan Ptolemy Chief Financial Officer [email protected] Cautionary statements There has been insufficient exploration to define a mineral resource on the properties owned by PrivCo and it is uncertain if further explor...