The TSX Venture Exchange has accepted for filing a share exchange agreement dated Dec. 21, 2023, between the company and an arm's-length party, whereby the company will acquire all of the outstanding share capital of the target in consideration for the issuance of 23.5 million shares of the company to the existing shareholders of the target.

The target holds an option to acquire up to 70 per cent of the Murmac and Strike property (property A) from an arm's-length party for $1.35-million in cash and $2.15-million in share payments, both payable over 3.5 years, and a $6-million work commitment over three years. Property A is subject to an existing 2-per-cent net smelter return (NSR) royalty. After earning in either a 51-per-cent, 60-per-cent or 70-per-cent interest, the company and the property A optionor will form a joint venture.

The target also holds an option to acquire up to 100 per cent of the Sun Dog property (property B) from an arm's-length party for $650,000 in cash and $650,000 in share payments, both payable over two years, and a $6.5-million work commitment over three years. Property B will be subject to a 2-per-cent NSR royalty, which may be reduced to 1 per cent for a $1-million cash payment.

Property A and property B are located in proximity to the company's existing uranium exploration properties near Uranium City, Sask. The floor price of the shares issuable for the options to purchase the properties will be 15 cents.

For further details, please refer to the company's news releases dated Dec. 22, 2023, Jan. 16, 2024, and Feb. 8, 2024.