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 common shares of […]
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