Global Uranium and Enrichment (ASX:GUE) has completed the sale of its 80% interest in Lake Johnston Project in Western Australia, to Intra Energy Corporation (ASX:IEC).
Under the sale agreement, Global Uranium, which has a market capitalisation of $27.58 million, received up to $2.125 million which includes $175,000 cash and the issue of 30 million IEC shares.
The remaining deferred consideration will be issued in shares or paid in cash, subject to agreed milestones being achieved, as Mining.com.au previously reported.
Global Uranium will retain a 20% interest in the Lake Johnston Project and will also be granted a 1% gross revenue royalty by IEC from the lithium project.
The company notes all of the agreement conditions have been satisfied or waived for the total consideration, which has now been received.
Global Uranium also has been placed in a trading halt yesterday (21 February 2024) pending an announcement release.
Unless the Australian Securities Exchange (ASX) decides otherwise, the securities will remain in trading halt until normal trading on 23 February 2024 or when the announcement is released to the market.
Intra Energy Corporation is a diversified mining and energy group focused on battery, base, and precious metals.
Global Uranium and Enrichment is a uranium explorer and developer focused on discoveries in the US and Canada.
As of 31 December 2023, the company had $1.178 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Global Uranium and Enrichment
