Titan Sales Uranium Project to Mega Uranium, One Step Closer to Energy Fuels Merger

Energy Fuels Inc. (TSX:EFR) and Titan Uranium Inc. (TSXV:TUE) announced Titan has sold its Canadian assets to Mega Uranium Ltd. (TSX:MGA).

As quoted in the press release:

In the transaction, Titan conveyed several prospective uranium properties located in Saskatchewan’s Athabasca Basin and in Nunavut to Mega in exchange for 10,000,000 common shares of Mega.

The sale of these assets was a condition to the closing of the Plan of Arrangement between Titan and Energy Fuels. Under the Arrangement, Titan will become a wholly-owned subsidiary of Energy Fuels, and 10,000,000 shares of Mega will accrue to Energy Fuels.

Energy Fuels’ President and CEO, Stephen P. Antony said:

The sale of Titan’s Canadian assets to Mega was a key condition of the Titan merger. These properties are outside of Energy Fuels’ area of focus, and Mega is a strong, well-managed company that can move these properties into eventual production and achieve excellent shareholder value.

Click here to read the Energy Fuels Inc. (TSX:EFR)  press release.