Valor has agreed to sell the majority of its Picha and Charaque copper projects in Peru to Firetail Resources in order to focus on its high potential uranium assets in Canada’s Athabasca Basin.
Under the agreement, fellow Australian Firetail has paid the company a $200,000 exclusivity fee for a 90-day due diligence period.
Should Firetail proceed with the acquisition, it will pay Valor Resources (ASX:VAL) $550,000 in cash, 15 million FTL shares – representing a 20.58% shareholding in Firetail – and 20 million performance rights subject to certain vesting conditions in return for a 80% interest in Picha and Charaque.
The transaction will allow the company to focus on its highly prospective, drill-ready uranium projects as prices of the energy metal rises amidst increasingly positive sentiment in the sector while retaining exposure to any future exploration upside in Peru through a retained 20% project interest as well as its stake in Firetail.It […]
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