Virginia Energy Resources Inc. (TSX.V:VAE,OTCQX:VAERF) announced an agreement to combine VA Uranium Holdings, Inc. and Virginia Uranium Ltd. into a single entity.

As quoted in the press release:

The Arrangement is intended to divide VAE’s portfolio of exploration and development properties between VAE and VUL and consolidate the ownership of VAUH through VUL, whereby post-Arrangement VAE would focus on exploration while post-Arrangement VUL would focus on development.

Click here to read the Virginia Energy Resources Inc. (TSX.V:VAE) press release.