Panther Minerals has completed the acquisition of 1484506 B.C., which holds the Huber Heights Uranium property in Elko County, Nevada, in the US.
The transaction involved the issuance of five million common shares to the shareholders of 1484506 B.C. as well as a cash payment of C$20,000 ($14,444) to a shareholder’s nominee.
Panther Minerals earlier said the acquisition forms part of its focus on underexplored uranium properties in the US in favourable jurisdictions that can be readily advanced and tested, and have potential for exploration.
The definitive agreement between the parties was signed earlier this month.
This transaction, which is at arm’s length and involves no insider interest or finder’s fees, sees the consideration shares subject to a six-month voluntary lock-up period.
After this initial phase, the shares will be released at a rate of 20% per month.
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By GlobalData
Comprising 35 unpatented mineral claims with a total area of 283 hectares near the village of Mountain City, Elko County, the Huber Heights property covers known uranium prospects and showings discovered in the 1950s.
These include the Autunite and October Group prospects, and the Huber Hills Granite Ridge prospect.
Panther Minerals earlier said it plans to complete rapid and cost-efficient exploration activities to confirm existing targets and outline new anomalies, followed by drilling.
These activities include geological mapping, drone magnetics, and geophysical and radiometric surveys.
