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TORONTO, April 08, 2022 (GLOBE NEWSWIRE) — Labrador Uranium Inc. (“ LUR ” or“ Labrador Uranium ”) (CSE: LUR) (F: EI1) is providing an update on the option agreement (the“ Option Agreement ”) which LUR assumed in connection with the acquisition of the Moran Lake Project in Labrador (the“ Moran Lake Project ”) that was completed on February 22, 2022 pursuant to the spin-out transaction involving Labrador Uranium and Consolidated Uranium.
Under the terms of the Option Agreement, the original vendor of the Moran Lake Project (the“ Vendor ”) is entitled to receive certain payments contingent upon the attainment of certain milestones tied to the spot price of uranium. As the uranium month-end spot price for March exceeded USD$50/lb (the“ Pricing Threshold ”), the Vendor is entitled to receive payment of an additional CAD$250,000 in cash and $250,000 through the issuance of […]
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