Sulliden Mining Capital Inc. reports that it has acquired a 75% interest in the Orange Creek Uranium Project. The acquisition took place by acquiring 75% of the common shares of private company Orange Creek Resources Pty. Ltd. (Target) through the acquisition of a private company (Vendor).
Image Credit: Evgeny_V/Shutterstock.com
The project is situated in Australia’s Northern Territory, 38 km south of Alice Springs, and is near to the Pamela and Angela uranium deposits.
Sulliden procured a 75% equity interest in the private company under the Acquisition Purchase Agreement (Agreement), with the Vendor securing the remaining 25% interest.
Sulliden paid the Vendor an aggregate of AUD400,000. Sulliden also agreed to support the Target’s additional exploration activities worth $300,000 over the next two years following the closing. According to the Toronto Stock Exchange’s policies, the acquisition was an arm’s length transaction.
There were no finder’s fees paid in connection with the Acquisition, and Sulliden’s control did not change as a result.
We are delighted to finalize our acquisition in the Orange Creek Uranium Project. This transaction is aligned with our ongoing belief in uranium as a crucial mineral and sustainable investment to provide a clean energy solution for future generations. Positioned in an area synonymous with rich uranium deposits, and in a country that leads in responsible mining, we are confident that this asset will become an important part of our investment portfolio.
Mr. Rennie Morkel, Chief Executive Officer, Sulliden Mining Capital Inc.
Mr. Rennie Morkel adds, “I would also like to take this opportunity to express my sincere gratitude to all our partners who made this acquisition a reality. This is truly an exciting development and milestone for Sulliden and for our shareholders.”
Source: http://sulliden.com