Reefton Goldfields Inc. entered into a binding letter of intent to acquire First Uranium Resources Ltd. (CNSX:URNM) for CAD 13.5 million from shareholders in a reverse merger transaction on March 29, 2023. Reefton Goldfields Inc. entered into a definitive business combination agreement to acquire First Uranium Resources Ltd. (CNSX:URNM) from shareholders in a reverse merger transaction on July 24, 2023. As per the terms of the transaction, each outstanding Reefton Share shall be exchanged for 1.6 First Uranium Shares resulting in the issuance of an aggregate of 112,456,875 First Uranium Shares to Reefton shareholders. If the Transaction is completed, the CEO of the Resulting Issuer shall be Simon Henderson. It is anticipated that the board of directors of the Resulting Issuer shall be reconstituted to consist of up to 5 directors, of which 4 individuals shall be the nominees of Reefton and 1 individual shall be a nominee of First Uranium. The proposed Transaction is subject to a number of conditions including, but not limited to, approval of the plan of arrangement by the British Columbia Supreme Court, review, parties successfully entering into a definitive agreement and approval of the Canadian Securities Exchange, and minimum cash on hand in First Uranium of CAD 7.5 million. Transaction is expected to close in the fourth quarter of 2023.

Borden Ladner Gervais LLP acted as legal advisor to Reefton Goldfields and McMillan LLP acted as legal advisor to First Uranium Resources in the transaction. Computershare Investor Services Inc acted as transfer agent to First Uranium Resources in the transaction.