PERTH (miningweekly.com) – ASX-listed African Energy will sell its Zambian uranium portfolio to TSX-listed GoviEx Uranium for three-million shares and 1.6-million common share purchase warrants.
Each of the purchase warrants will be convertible into one common share at a price equal to the US dollar equivalent of 160% of the ten-day volume weighted average price of GoviEx’s shares.
The purchase warrants will have a period of three years.
African Energy on Tuesday told shareholders the transaction would unify the company’s Chirundu and Kariba Valley properties with GoviEx’s Mutanga project, resulting in a contiguous tenement containing a combined 15.2-million-pound uranium oxide resource.