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U3O8 Corp. Completes Sale of the Laguna Salada Project in Argentina: Focuses on the Berlin Uranium and Battery Commodities Deposit
Toronto, Ontario--(Newsfile Corp. - December 22, 2021) - U3O8 Corp. ( TSXV: UWE.H ), (" U3O8...
About this update from Green Shift Commodities Ltd
[{"type":"text","content":"U3O8 Corp. Completes Sale of the Laguna Salada Project in Argentina: Focuses on the Berlin Uranium and Battery Commodities DepositToronto, Ontario--(Newsfile Corp. - December 22, 2021) - U3O8 Corp. (TSXV: UWE.H), (\"U3O8\" or the \"Company\") announces that pursuant to the Option Agreement dated December 14, 2020 (the \"Option Agreement\") the transfer of the mineral properties that constitute the Laguna Salada Project (\"Laguna Salada\") located in Argentina, has been completed. On December 21, 2021 and upon transfer of the properties comprising Laguna Salada to Consolidated Uranium Inc. (\"CUR\"), CUR issued 675,675 common shares in the capital of CUR (\"CUR Shares\") to the Company. Consideration Paid for the Laguna Salada ProjectAs consideration for the transfer of Laguna Salada, CUR has issued a total of 731,981 CUR Shares to U3O8 Corp. and has paid the Company C$275,000. The CUR Shares have been issued in two tranches at a deemed price of C$2.22 per share as follows:56,306 CUR Shares were issued on June 9, 2021 for a value of C$125,000; and675,675 CUR Shares were issued on December 21, 2021 for a value of C$1,500,000, and these shares are subject to a four month and one day hold period until April 22, 2022.The C$2.22 CUR share price represents the five-day volume weighted average price of the CUR Shares prior to June 9, 2021, being the second business day prior to the exercise of the option to acquire Laguna Salada. U3O8 Corp. has further upside exposure to the uranium market in that if, within 10 years from the date of the Option Agreement, the spot price of uranium reaches US$50 per pound (\"/lb\"), CUR will pay U3O8 Corp. C$505,000. Upon the uranium spot price reaching US$75/lb within 10 years from date of the Option Agreement, CUR will pay U3O8 Corp. a further C$758,000 and on reaching US$100/lb, U3O8 Corp. will receive an additional C$1,010,000 from CUR.Berlin DepositApart from uranium for clean, nuclear energy, the Berlin Deposit contains nickel, phosphate and vanadium, which are battery commodities. Phosphate is a key component of lithium-ion ferric phosphate (\"LFP\") batteries that are being used in BYD's and Tesla's e-vehicle models. Nickel is a component of various lithium-ion batteries, while vanadium is the element used in vanadium redox flow batteries. Neodymium, one of the rare earth elements included in the...