Uranium American Resources has completed the acquisition of all issued shares in Jag Minerals, securing 100% ownership of the company, including its subsidiary Jag Minerals USA.

The transaction involves a cash component that will be fulfilled through a four-month note amounting to $2m, with a payment-in-kind interest rate of 14%.

This arrangement is intended to facilitate the company's previously announced financing plans.

Completing this acquisition enables the company to advance the development of 20 historic vanadium and uranium mines in Montrose County, Colorado, and San Juan County, Utah.

Over the past year, Uranium American Resources has achieved several milestones to support this progress, including a comprehensive review of mining and geological records for Colorado's Stateline properties.

The company has also conducted a radiation survey at the Sky properties in Wyoming, identifying two additional areas to the north and south.

Additionally, convertible loan notes were restructured to secure necessary project financing.

Uranium American Resources CEO William Hunter said: “The company has worked hard over the last 12 months to complete this acquisition against a backdrop of global financial uncertainty.

“We have mapped out the next steps to accelerate development of the State Line historic mines, advancing our short-term producing plan that will create value for the company's shareholders. These plans include commencing geophysical and permitting work on the company's State Line Projects in the near term.

“This work will allow us to advance these important projects toward production. In addition, the uranium markets are seeing historic tailwinds with spot prices around $85/lb. You can see the positive nature of this acquisition reflected in our stock price, which has risen significantly since the initial announcement of this transaction.”