Greenridge Exploration has announced the acquisition of the Snook Lake and Ranger Lake uranium projects, situated 100km north-east of Sault Ste. Marie in north-west Ontario.

The acquisition was formalised through an asset transfer agreement with vendor 15952506 Canada.

Greenridge also reached an assignment and novation agreement with vendor Gravel Ridge Resources, and 1544230 Ontario.

This agreement pertains to the vendor’s interests under two separate property option agreements with the aforementioned parties, providing Greenridge with options to acquire a 100% interest in the projects.

Under the amended and restated option agreement, Greenridge is obligated to issue an aggregate of 1,850,000 of its common shares to the vendor.

The shares are priced at $0.96 each, with the first tranche of 850,000 shares to be issued within 30 business days post the effective date, and the second tranche of one million shares three months thereafter.

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In addition to share issuance, Greenridge must make cash payments totalling $54,000 (C$73,962) to the optionors to secure full interest in the projects.

These payments are scheduled as $24,000 by 22 December 2024 and the remaining $30,000 by 22 December 2025.

The agreement stipulates that both the first and second tranche shares will be held in escrow, being released over a 36-month period.

Furthermore, all securities issued in connection with the agreement will be subject to a statutory hold period of four months and one day from the date of issuance.

The company noted that the projects are also encumbered with a 1.5% net smelter returns royalty.

Besides, the agreement, the assignment agreement, and the amended and restated option agreement are classified as non-related party transactions, ensuring an arm’s length acquisition process.

The Ranger Lake Uranium Project is a tier one jurisdiction in Ontario that consists of 942 mineral claims spanning 20,782ha of prospective uranium ground close to a historic uranium mining zone in the Elliot Lake region.

Meanwhile, Snook Lake uranium property is located in north-western Ontario, about 75km north of Kenora.

This property comprises 237 mining claims spanning 4,899ha. This area has previously drawn early-stage uranium investigation.

With this acquisition, the company holds more than 52,000ha in highly prospective projects across Canada.

Greenridge CEO Russell Starr said: “With the addition of the Snook and Ranger Lake projects, Greenridge is now further solidified as an emerging uranium explorer in Canada.

“We believe our uranium projects in Nunavut, Saskatchewan and now Ontario are highly prospective and the company looks forward to our 2024 exploration programmes across Canada.”