Labrador Uranium (LUR) has signed an arm’s length definitive agreement to acquire the Angilak Property in Nunavut Territory, Canada, from ValOre Metals.

Under the agreement, ValOre will transfer its interest in the Angilak Property to its newly formed wholly owned subsidiary, VO Subco. The new subsidiary is formed to facilitate the arrangement.

Subsequently, LUR will acquire the issued and outstanding common shares of VO Subco from ValOreall by paying $3m in cash and issuing 100 million LUR common shares, priced at $0.40 per share.

In connection with the definitive agreement, LUR also reached an earn-in agreement with ValOre whereby the latter granted the option to Labrador Uranium to acquire an interest of up to 10% in the Angilak Property.

In exchange, LUR will fund $3.5m in mineral exploration expenditures on or before the first anniversary of the earn-in agreement.

Labrador Uranium expects the acquisition to expand its exposure to proven uranium camps in Canada with district-scale potential.

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By GlobalData

LUR executive chairman Philip Williams said the agreement marks a step forward in LUR’s strategy to become Canada’s premier uranium exploration company.

Williams said: “Assets like Angilak are few and far between, boasting both high uranium grades with upside to other commodities that are also important to the clean energy transition like molybdenum, silver and copper.

“The large-scale project tenure in Nunavut, an increasingly prominent mining jurisdiction, effectively puts LUR in control of an entire uranium district and complements our large CMB project in Labrador.”