Homeland Uranium Inc. to Gain Control of Solex

Homeland Uranium  reports it will gain control of  Solex Resources, Vancouver-based company in a deal valued at about $11.4 million.

Under a definitive agreement announced today, Homeland will get 81.7 million shares of Solex, giving it a majority ownership stake, and get the right to nominate four directors to the Solex board and the right to name the Solex CEO.

Current Solex shareholders would nominate two directors to the new board, assuming the deal goes through as planned.

In return, Homeland will transfer $4 million in cash and about 7.6 million shares of Macusani Yellowcake Inc. (TSX VENTURE:YEL), representing a 12.7% interest, to Solex.

Nick Tintor, President and CEO of Homeland says:

“We are very pleased with our review of the Macusani properties and believe there is considerable underlying value for Homeland shareholders resulting from this transaction.” “We are excited about the prospect of deploying the Homeland assets to further develop our extensive holdings in the Macusani region of southern Peru,” Solex president Jonathan Challis said in a statement. “There is every indication that with a targeted drilling program, a sizable uranium resource can be identified.”

For complete news release, click here.