Business
Raytec Agrees to Sell Uranium Asset
Raytec Agrees to Sell Uranium Asset
About this update from Pegasus Resources Inc
[{"type":"text","content":"\nRaytec Agrees to Sell Uranium Asset\n\n\n Apr. 16, 2009 (Baystreet.ca) -- VANCOUVER, BRITISH COLUMBIA -- Raytec Metals Corp. (the \"Company\" or \"Raytec\") (TSX VENTURE: RAY) announces that it has entered into an agreement to sell a 100 percent interest in the \"C and D Block\" uranium properties to Solitaire Minerals Corp. (TSX VENTURE: SLT). The transaction is subject to TSX-Venture Exchange approval.\n\nUnder the agreement, Solitaire will issue 500,000 common shares upon closing of the transaction, with an additional 500,000 common shares to be issued to Raytec on or before 6 months from the date of closing. These share payments represent approximately 4 percent of the current issued and outstanding shares of Solitaire. \nRaytec's President, Mr. Brian Thurston, states, \"Divesting of these non-core assets is part of the Company's overall strategy to focus on new mining opportunities that can provide near-term precious metals production. The Company plans to use its treasury of approximately $21 million to fund strategic acquisitions.\" \nTriex Minerals Corporation (TSX VENTURE: TXM) has also advised that it will continue with the current joint venture agreement on the Athabasca Basin, Highrock-Riverlake uranium project. Triex has already earned a 51% interest and plans to increase its ownership to 70% by incurring an additional $2,400,000 in staged exploration expenditures on or before November 24, 2011. \nAbout Raytec: \nRaytec Metals Corp. is a well-financed Canadian exploration company focused on the acquisition of near-term precious metals assets. The Company holds over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company also holds a 15% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan. \nOn behalf of the Board, \nRAYTEC METALS CORP. \nBrian Thurston, President and CEO \nThis release includes certain statements that may be deemed \"forward-looking statements\". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activitie...