Industria
Terra Balcanica Executes Letter of Intent For Option Agreement To Acquire 100% Interest In Advanced Saskatchewan Uranium Portfolio
” or the “ ”) ( ), a multi-jurisdictional exploration company focused on supporting the global transition to clean energy, is pleased to announce that it has entered into a non-binding Letter of Intent (the “ ”) with a wholly owned subsidiary of Fulcrum Metals Plc., (“ ”, AIM:FMET). Pursuant to the Agreement, Terra will have an option (the “ ”) to acquire a 100% interest in Fulcrum's Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton uranium licences (the “ ”) located in northern Saskatchewan, Canada and collectively encompassing 596.71 km of highly prospective ground for a uranium discovery.
The licence portfolio totals 596.71 km targeting major NE-SW trending structures along strike from historic uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow (4.3Mt at 0.83% U O ; https://www.nexgenenergy.ca/exploration/overview) and Triple R (2.7Mt at 1.94% U O https://fissionuranium.com/projects/triple-r-deposit/project-overview/) have proved the concept of exploring along structures outside of the Athabasca basin.
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On closing of the transaction, Terra will have a four-year option to acquire 100% of Fulcrum's owned uranium licences.
In consideration for the four-year option and at the time a definitive agreement is announced by way of news release and subject to a CSE approval, Terra shall pay Fulcrum C$7,500 for exclusivity on execution of signing of the Letter and pay Fulcrum C$25,000 less the C$7,500 exclusivity payment on execution of closing of the Option Agreement.
Additionally, Terra shall pay Fulcrum cash according to the schedule below:
and issue Fulcrum shares of TERA at the 10-Day Volume Weighted Average Price (“ ”) prior to the date of issuance as per the following schedule:
Terra will also complete minimum work expenditures totalling $3,250,000 prior to the fourth anniversary of the Option Agreement and grant Fulcrum a 1.0% Net Smelter Return (“ ”) on all claims with buydown option of 0.5% NSR for C$1,000,000.
As part of the Option Agreement and for terminating the existing prior agreement (the “ ”) between Fulcrum and Global Energy Metals Corp. (“ ”), Global Energy will be compensated with C$150,000 in shares in TERA on closing of the Option Agreement and a 0.5% NSR on all claims.
The transaction contemplated above is an “Arms' Length” in accordance with applicable securities legislation. The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Mr. Steven Latimer, ICD.D, CFA, MBA, has stepped down as a director of the Company to focus on his other business interests but he will continue to act as a Strategic Advisor to the Company. Giulio T. Bonifacio, Terra's Non-Executive Chairman of the Board commented:
Dr. Aleksandar Mišković, P.Geo, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has reviewed and validated the information contained in this news release as factual and accurate.
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
For the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com , +1 (514) 796-7577, or visit www.terrabresources.com/en/news.
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