Highlights
- Proximal to northern and southeastern edges of the
Athabasca Basin (“Basin”) in northernSaskatchewan , a premium mining district and leading global source of high-grade uranium;
- Charlot-Neely is located within the emerging
Uranium City district on the northwestern margin of the Basin
- Historical work at the projects has demonstrated evidence of uranium mineralization along favourable structural trends with prospective target horizons based on electromagnetic conductors;
- Future exploration requires the undertaking of a modern systematic geologic fieldwork to determine the uranium potential.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “In our pursuit of high-quality assets worldwide, Terra Balcanica has secured an option to acquire a Canadian uranium portfolio covering close to 600 km2 with tremendous potential for discovery. In a world transitioning to green energy solutions, the acquisition of these assets provides a more robust and diverse exploration portfolio for Terra. Although there has been an increase in activity in the uranium sector, we are at the early stages of a commodity super-cycle and being able to acquire such a large, advanced uranium portfolio on favourable terms was a clear opportunity for our shareholders. It is the right time, jurisdiction, and commodity to augment our advanced Balkan portfolio and to further participate in the changing energy landscape. We look forward to working with Fulcrum to apply their technical and jurisdictional expertise to advance these
Portfolio Overview and Discovery Opportunity
The licence portfolio totals 596.71 km2 targeting major NE-SW trending structures along strike from historic uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow (4.3Mt at 0.83% U3O8; https://www.nexgenenergy.ca/exploration/overview) and
Figure 1. Regional map of northern
Key Terms of Agreement
On closing of the transaction, Terra will have a four-year option to acquire 100% of Fulcrum’s owned uranium licences.
In consideration for the four-year option and at the time a definitive agreement is announced by way of news release and subject to a CSE approval, Terra shall pay Fulcrum
Additionally, Terra shall pay Fulcrum cash according to the schedule below:
C$50,000 on the first anniversary of closing of the Option Agreement;C$75,000 on the second anniversary of closing of the Option Agreement;C$75,000 on the third anniversary of closing of the Option Agreement;C$75,000 on the fourth anniversary of closing of the Option Agreement;
and issue Fulcrum shares of TERA at the 10-Day Volume Weighted Average Price (“VWAP”) prior to the date of issuance as per the following schedule:
C$250,000 on closing of the Option Agreement with the initial share payments capped atC$0.065 /share, pre-consolidation;C$350,000 on the first anniversary of closing of the Option Agreement;C$500,000 on the second anniversary of closing of the Option Agreement;C$650,000 on the third anniversary of closing of the Option Agreement;C$1,250,000 on the fourth anniversary of closing of the Option Agreement;
Terra will also complete minimum work expenditures totalling
As part of the Option Agreement and for terminating the existing prior agreement (the “Prior Agreement”) between
The transaction contemplated above is an “Arms’ Length” in accordance with applicable securities legislation. The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Restructuring Board of Directors
Mr.
Qualified Person
Dr. Aleksandar Mišković,
About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern
ON BEHALF OF THE BOARD OF DIRECTORS
“Aleksandar Mišković”
Aleksandar Mišković
President and CEO
For the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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