Western Uranium Moves Closer to Black Range Acquisition

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Western Uranium Corp. (CSE:WUC) announced that it has executed a variety of definitive agreements and ancillary documents in order to effect its proposed acquisition of Black Range Minerals Ltd. (ASX:BLR).

Western Uranium Corp. (CSE:WUC) announced that it has executed a variety of definitive agreements and ancillary documents in order to effect its proposed acquisition of Black Range Minerals Ltd. (ASX:BLR). The takeover was originally announced on January 30, 2015.

The company’s offer for Black Range is subject to conditions include:

(i) receipt of all requisite regulatory and shareholder approvals;

(ii) an independent expert providing an independent expert’s report to Black Range that, in the opinion of the independent expert, the scheme is in the best interests of Black Range shareholders;

(iii) all outstanding Black Range options to be converted to options to acquire shares in Western on a 1 to 750 ratio, for the same term of exercise period as BRL options and at a corresponding exercise price ratio;

(iv) Black Range’s key personnel waiving any entitlements to redundancy, severance or termination payments that may otherwise be triggered by a change of control event;

(v) under the terms of the Agreements and as soon as reasonably practicable, Black Range will arrange for the transport of an Ablation pilot plant to Western’s Sunday Mine Complex for the purpose of undertaking a field trial. Western is responsible for the transportation and field trial costs;

(vi) subject to the condition that in the event Black Range’s board of directors receives a proposal from a third party that it determines is superior to Western’s proposal, Black Range may terminate the Agreements, subject to repaying all amounts outstanding under the Credit Facility and paying Western a break fee of $500,000 within 60 days following such termination;

(vii) Western may terminate the agreement at any time by providing written notice, in which case Western will reimburse Black Range their costs incurred as a result of the Offer up to AU$100000.

Click here to read the full Western Uranium Corp. (CSE:WUC) press release. 

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