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Azincourt Uranium Inc. (TSXV:AAZ,FWB:A0U) and Macusani Yellowcake Inc. (TSXV:YEL,FWB:QG1) have entered into a definitive acquisition agreement whereby Macusani has agreed to acquire 100% of Azincourt’s subsidiary Minergia SAC in consideration for the issuance to Azincourt of 68,350,000 common shares of Macusani. Under the Definitive Agreement, Ted O’Connor, current President and CEO of Azincourt, would be appointed as CEO of Macusani following completion of the Acquisition Transaction, and Laurence Stefan, current President and CEO of Macusani, would serve as President and Chief Operating Officer.
As quoted in the press release:
Azincourt has agreed to distribute the Acquisition Shares to its shareholders on a pro rata basis (the “Distribution”) within five months of the closing of the Acquisition Transaction following the receipt of all necessary regulatory and shareholder approvals. The Acquisition Shares will be restricted to exercising no more than 19.9% of the voting rights attached to all common shares of Macusani until the Distribution is completed.
The Definitive Agreement provides that Ted O’Connor, current President and CEO of Azincourt, would be appointed as Chief Executive Officer of Macusani following completion of the Acquisition Transaction, and Laurence Stefan, current President and CEO of Macusani, would serve as President and Chief Operating Officer. Mr. O’Connor and Ian Stalker, Chairman of Azincourt, would also join a six member board of directors of Macusani.
Click here to read the Azincourt Uranium Inc. (TSXV:AAZ,FWB:A0U) press release
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