Business
UCR Agrees to Sell Property Claims in Northern Saskatchewan
TSX.V: UCR REGINA, Nov. 28 /CNW/ - Uranium City Resources Inc. ("UCR"), is pleased to announce it...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX.V: UCR\n\n\nREGINA, Nov. 28 /CNW/ - Uranium City Resources Inc. ("UCR"), is pleased\nto announce it has entered into a letter agreement with Red Rock Energy Ltd.\n("Red Rock") (TSXV: RRK) whereby Red Rock has agreed to purchase all of UCR's\nexploration property claims located in northern Saskatchewan (the "Claims").\n\n\nRed Rock is a junior exploration corporation with property interests in\nnorthern Saskatchewan. The purchase price for the Claims of $975,000 will be\npaid by Red Rock as follows:\n\n\n- $75,000 to be paid to UCR in cash upon completion of the transaction\n (the "Transaction"); and\n- $900,000 to be paid to UCR at the option of Red Rock in cash or by\n the issuance of 5 million common shares of Red Rock from treasury at\n a deemed price of $0.18 per common share.\n\n\nThe Claims are subject to an option agreement between UCR and GLR\nResources Inc. ("GLR"), made as of November 22, 2004, under which GLR has a\npreemptive right to purchase the Claims on the same terms and conditions as\nthose proposed by Red Rock. Completion of the Transaction is conditional on\nthe receipt from GLR of a written waiver of its preemptive right.\n\n\nThe parties' obligations to complete the Transaction are also subject to\nthe satisfaction of the usual conditions for transactions of this nature,\nincluding the receipt of all regulatory approvals, shareholder approval, and\nthe completion of a satisfactory due diligence review by Red Rock.\n\n\nNo finder's fee will be payable in connection with the Transaction.\n\n\nAbout Uranium City Resources\n\n\nUranium City Resources is a Canadian based junior exploration company\nwith existing Canadian projects in Saskatchewan and Newfoundland. In the USA,\nUranium City Resources is participating in a joint venture project in the\nState of New Mexico. More information about UCR is available on line at\nwww.uraniumcityresources.com\n\n\nForward looking information:\n\n\nThis news release contains certain forward-looking information. Such\ninformation includes, but is not limited to, UCR's expectation that the\nTransaction will be completed. Such forward-looking information is qualified\nin its entirety by the inherent risks and uncertainties surrounding future\nexpectations, including that the Transaction may be completed on terms th...