Aldrin Resource Acquires Uranium Property in Patterson Lake

Aldrin Resource Corp (TSXV:ALN) announced that it has entered into an option agreement to purchase the 12,001-hectare Triple M Uranium Property within the Athabasca Basin.

As quoted in the press release:

The acquisition is for an undivided 70% interest in the Triple M Property from optionors Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer /Dale Resources (collectively the “Optionors”) in exchange for:

1. the immediate payment of $100,000 upon signing of the option agreement;
2. $400,000 payment upon approval of the TSX Venture Exchange;
3. $500,000 payment after six months;
4. $500,000 payment after one year;
5. Issuance of 12,500,000 shares of Aldrin upon the approval of the TSX Venture Exchange;
6. Incurring an aggregate of $4,000,000.00 of property expenditures after the approval of the TSX Venture Exchange over the next four years ($250,000 in year 1/$500,000 in year 2/$1,500,000 in year 3 /$1,750,000 in year 4);
7. Retaining of a 3% Net Smelter Royalty in favour of the Optionors respecting the sale of ore concentrate from the property and a 3% Gross Overriding Royalty in favour of the Optionors respecting any diamonds found on the property – Aldrin may elect at any time to repurchase 1% of the Net Smelter Royalty in exchange for $2,000,000;
8. The Optionors shall retain a 30% joint venture interest in the Triple M Property as a free carried interest;
9. In the event Aldrin or the Optionors wish to sell or transfer of all or part of their respective interest in the joint venture the selling party must give a right of first offer to the other party following which the other party has 14 days to make an offer for that interest which offer can be accepted by the selling party for a period of 10 days and failing acceptance the selling party shall be free to sell its interest at the same or higher price for a period of 120 days.

Click here to read the full Aldrin Resource Corp (TSXV:ALN) press release.