Canada-based Anfield Energy said on Tuesday it will buy the Marquez-Juan Tafoya uranium project in New Mexico from enCore Energy's wholly-owned subsidiary Neutron Energy for C$16.1-million.
Anfield will acquire the project, with historical indicated uranium resources of 18.1-million pounds, for C$5-million in cash and 185-million of its common shares, it said in a statement.
The acquisition will increase Anfield's uranium resource base by more than 60%, its chief executive Corey Dias said.
The uranium project went through extensive mineral exploration by drilling and defined significant uranium resources in the 1970s and early 1980s, Anfield added.
Upon closing of the deal, expected on or before July 21, 2023, enCore will have the right to one seat on the board of directors of Anfield as long as enCore holds at least 10% of the issued shares of Anfield.