Fulcrum Metals plc expects the first payment from the potential purchaser of its Canada uranium assets, which has exercised the first year option of the July 2024 agreement.
EXPLORATION
Fulcrum will receive C$50,000 cash and C$350,000 of Terra Balcanica Resources Corp common shares, equating to 3,804,347 new Terra common shares due to be issued by 18 July.
Following the shares issue, Fulcrum will own 5,801,498 shares in Terra, representing 9.0% of its issued share capital.
Fulcrum will use the C$50,000 for working capital.
The sale comprises the Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton projects on the margins of the Athabasca Basin in Saskatchewan.
Terra has four years to complete exploration to a minimum C$3,250,00 in cash and shares.