Uranium developer Neo Power has signed the formal authorized documentation for its acquisition of the Henkries South uranium venture, which is situated within the administrative district of Namaqualand, within the Northern Cape.
The settlement is comprised of a proper share sale and buy settlement between Neo Power and uranium exploration firm Eagle Uranium.
Beneath the settlement, Neo Power has now conditionally acquired a 100% shareholding in Henkries South, with the one excellent circumstances being the relevant regulatory approvals.
Henkries South contains a single 1 050 km2 granted prospecting licence that’s instantly south of Neo Power’s present Henkries uranium venture.
The acquisition of Henkries South materially will increase the corporate’s strategic landholding within the area to nearly 1 800 km2 and provides an extra 10 km strike size of shallow paleo-channels which have been demonstrated to host the shallow uranium mineralisation on the firm’s Henkries venture.
As well as, earlier exploration and evaluation by the corporate’s technical administration staff has proven that Henkries South comprises a number of and in depth radioactive anomalies that are anticipated so as to add considerably to the useful resource potential on the now considerably expanded Henkries venture.
Neo Power will now proceed with the difficulty of 125-million shares to the Eagle Uranium shareholders and advisers, pay a money consideration of R1.5-million and repay a further quantity of R1.7-million of Eagle Uranium’s present indebtedness and obligations, together with licence charges.
An additional 50-million shares are to be issued to Eagle Uranium and advisers, upon the switch of the Henkries South mineral rights to the corporate’s wholly-owned subsidiary Neo Uranium Assets South Africa.
“This marks a major milestone in our progress technique inside South Africa’s uranium sector, reinforcing our dedication and strengthening our presence in one of many nation’s most promising uranium areas.”
“We’re desirous to speed up exploration and advance new mine growth on this space. Henkries South presents thrilling alternatives as we proceed executing our imaginative and prescient of constructing a . . . uranium-focused firm in Africa,” Neo Power CEO Sean Heathcote stated.
An utility has been made for the acquisition shares to be admitted to buying and selling on the LSE on March 14 and can rank on par with Neo Power’s bizarre shares.
