The TSX Venture Exchange has accepted for filing documentation with respect to the arm's-length acquisition agreement of 70-per-cent interest in each of the Murphy Lake North project, the Darby project and the Packrat project (collectively, the properties). The company will issue 14,195,506 shares at a deemed price of 22.5 cents per share to the vendor at closing, issue $2.25-million worth of shares in each six-month anniversary of the closing date (within a five-year period) provided that such issuance of shares will not result in the vendor exceeding 19.95 per cent on a partially diluted basis of the company. The deferred shares must be issued at the price which is equal to the VWAP (volume-weighted average price) of the shares for five trading days prior to issuance or at a floor price of 17 cents per share, whichever is greater.

The company must finance 100 per cent of the first $1.5-million of exploration in the Murphy Lake project by Dec. 31, 2027, and finance 100 per cent of the first $5-million on the Darby project by June 30, 2029.

Upon closing, the company and the vendor will enter into: a) a royalty agreement pursuant to which the vendor will retain a 2.0-per-cent NSR (net smelter return) on each of the Darby project and Packrat project, which 1.0 per cent can be repurchased with a $2-million payment per project and a 0.5-per-cent NSR on the Murphy Lake project, b) a joint venture on each of the properties, in which the company will be the initial operator for all joint ventures, and c) an investor rights agreement.

No finders' fee was paid.

For further details regarding the acquisition, please refer to the company's news releases dated Nov. 27, 2024, and Jan. 14, 2025.