Business
Cosa Resources Acquires Polaris Uranium
Vancouver, British Columbia – TheNewswire - June 28th, 2022 – Cosa Resources Corp. (CSE:COSA) (“Cosa Resources” or the “Company”) is pleased to announce that it
About this update from Cosa Resources Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - June 28th, 2022 – Cosa Resources Corp. (CSE:COSA) (“Cosa Resources” or the “Company”) is pleased to announce that it has entered into a share exchange agreement (the “Agreement”) with Polaris Uranium Corp. (“Polaris”) and each of the shareholders of Polaris (the “Polaris Shareholders”), pursuant to which Cosa Resources will acquire all of the issued and outstanding shares of Polaris from the Polaris Shareholders (the “Acquisition”). Polaris holds a 46,700 ha land package comprised of four uranium exploration properties in the eastern Athabasca Basin in northern Saskatchewan (Figure 1). Keith Bodnarchuk, President & CEO, commented: “Long term uranium market fundamentals have improved markedly over the past year and I’m very pleased that we’ve been able to add these properties to our exploration portfolio in northern Saskatchewan. Cosa Resources will use its strengths in uranium exploration and capital markets to position the Company as a leader in the sector.” The Properties The four properties held by Polaris have a total area of 46,700 ha and are named Ursa, Orion, Castor and Charcoal. All of the properties are located in the eastern Athabasca basin, the heart of the Canadian uranium exploration and mining sector. Each of the properties covers large areas characterized by low magnetic susceptibility that likely indicates the presence of prospective metasedimentary basement rocks. Castor and Charcoal are beyond the eastern edge of the basin, and likely have no Athabasca sandstone cover. These properties are therefore most prospective for basement hosted mineralization. Ursa and Orion are located approximately 45 km west of the Cigar Lake uranium mine and are prospective for both basement and unconformity hosted uranium mineralization. Depth to the unconformity at Ursa and Orion is expected to be 750 m to 950 m. No royalties or other encumbrances exist on the land package. The Terms Subject to customary closing conditions and regulatory approvals, Cosa Resources will acquire 100% of the issued and outstanding shares of Polaris from the Polaris Shareholders in exchange for a total of 4.3 million shares of the Company (the “Consideration Shares”). Under the terms of the Agreement, each Polaris Shareholder will r...