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Cascade and Bayswater Amend Purchase Agreement for Mali Uranium Property
May. 25, 2011 09:23AM PST
Company NewsCascade Resources Ltd. (TSE:CC) reports amendment to agreement concerning the acquisition of the Samit uranium project, in Mali from Bayswater Uranium Corporation (CVE:BAY).
Cascade Resources Ltd. (TSX:CC) reports amendment to agreement concerning the acquisition of the Samit uranium project, in Mali from Bayswater Uranium Corporation (TSXV:BAY).
The press release is quoted as saying:
The Amending Agreement cancels the promissory note in favour of the provision of an additional 1,000,000 common shares in Cascade. As a result of the amendment, the considerations for NCM are now made up of (1) the issuance to Bayswater of a total of 2,000,000 common shares in the Company and (2) the granting of a 2.5% net smelter returns royalty from production occurring on the property. The acquisition of NCM remains subject to regulatory approval, including the approval of the TSX Venture Exchange.
