European Uranium to Acquire Stake in Unkur Silver-Copper Project

European Uranium Resources Ltd. (TSXV:EUU) announced that it’s agreed to acquire an initial 60-percent stake in the Unkur silver-copper project in Russia.
As quoted in the press release:

In connection with the Unkur Acquisition, EUU intends to raise C$2.0 million through a private placement of common shares (the “Private Placement“) and consolidate its shares on an up to 10:1 basis (the “Share Consolidation“). The Company has entered into subscription agreements with cornerstone investors for C$1.5 million of the planned Private Placement. Following the closing of the Unkur Acquisition and ancillary transactions, EUU intends to change its name to Azarga Metals Corp.

Dorian (Dusty) Nicol, president and CEO of European Uranium, commented:

This acquisition will allow the Company to proceed with exploration of an exciting new copper and silver project in a favourable location. We are preparing to conduct our first drilling program at Unkur in the fall of this year. With our low overhead cost and current low cost of drilling in Russia, we currently anticipate the fundraising to sustain active exploration at the project for a period in excess of two-years.

Click here to read the full European Uranium Resources Ltd. (TSXV:EUU) press release.