Okapi Resources has finalised the acquisition of Tallahassee Resources gaining a suite of high-grade uranium assets in the US.
The deal was completed more than a month after Okapi signed a deal to acquire Tallahassee by issuing 33.5 million shares and 16.75 million options. The transaction secured shareholders’ approval last week.
Tallahassee Resources owns a 100% interest in mineral rights that includes around 7,500 acres in the Tallahassee Creek Uranium District of Colorado.
According to a JORC 2004 Mineral Resource estimate, the Tallahassee Uranium Project contains 26 million pounds (Mlb) of U₃O₈ at a grade of 540ppm U₃O₈, with significant exploration upside.
Tallahassee Resources also holds an option to acquire 100% of the Rattler Uranium Project in Utah.
Okapi executive director David Nour said: “This acquisition is truly transformational for Okapi and underpins our new strategy to become one of the most prominent uranium developers in North America.
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By GlobalData“We believe that the global push towards clean energy as a way of lowering carbon emissions will significantly increase global demand for uranium for the foreseeable future. Okapi is well-placed to take advantage of this once in a generation macro-economic shift.”
Okapi has already started fieldwork at the Rattler Uranium Project and plans to initiate a drilling programme in the coming months. A drilling campaign at Tallahassee is also in the pipeline.
Okapi seeks to become a new leader in carbon-free nuclear energy in North America through accretive acquisitions and exploration of high-grade uranium assets.
The company recently completed a share placement and now holds around A$6m ($4.35m) in cash and cash equivalents.
