Business
Database Agreement & North Wash Vanadium update
Database Agreement & North Wash Vanadium update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5460I Rose Petroleum PLC 27 November 2018 \n\n27 November 2018\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nFurther divestiture of non-core assets through\nDatabase Agreement on Uranium Exploration projects in U.S.A\n and North Wash Vanadium project update\nRose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce that its wholly owned subsidiary, VANE Minerals (US) LLC (\"VANE\"), has entered into an agreement (the \"Agreement\") with enCore Energy Corporation (\"ENCORE\") (TSX.V:EU) with respect to VANE's U.S.A. uranium exploration project database. The database is comprised of geological, geophysical, aerial photography, drilling, and evaluation data on the uranium breccia pipe district of northern Arizona, specifically the region south of the Colorado River where a number of discoveries have been made.\n \nIn return for VANE providing exclusive access to VANE's uranium project database, ENCORE will issue to VANE 3,000,000 ordinary shares in ENCORE which have a current market valuation of approximately US$300,000 and which represent approximately 2.1% of the existing share capital of ENCORE. The shares will be locked-up for an initial four month period after which Rose will be able to dispose of them, subject to certain orderly market provisions.\n \nThe initial term of the agreement will be five-years, and ENCORE will seek, at its own cost, to use the database to generate exploration prospects and to subsequently develop these prospects into commercial operations.\n \nIf any of the prospects reach the development stage, VANE will have a one-off opportunity to participate in these projects. VANE will be able to participate up to a maximum 25% interest in any developed projects, at its sole discretion. The purchase price for the VANE interest, at the development stage, will be 250% of the pro-rata exploration costs incurred on the project to advance it to the development stage. From the point at which VANE acquires an equity interest in any project it will be responsible for the development expenditure for its specific portion of its interest. If VANE does not elect to participate in the projects in accordance with the Agreement it will have no further rights in respect of that particular project.\n&n...