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    Greenridge to Expand Canadian Uranium Portfolio with ALX Resources Buy

    Giann Liguid
    Oct. 16, 2024 09:30AM PST

    The combined company will have a broader portfolio that includes interests in 29 projects spanning approximately 435,000 hectares.

    Saskatchewan on a map.
    Tudoran Andrei / Shutterstock

    Greenridge Exploration (CSE:GXP) has entered into a binding arrangement agreement to acquire ALX Resources (TSXV:AL,OTC Pink:ALXEF), a move it says will give it stakes in 16 uranium assets in Canada.

    The combined entity will also have exposure to critical minerals assets, with interests in 13 further lithium, nickel, copper and gold projects in its portfolio. In total, all 29 projects will cover 435,000 hectares.

    Carpenter Lake will be one of the flagship assets in the company’s stable. Greenridge will own 60 percent of the uranium property after the acquisition is complete, with the option to boost its stake to 100 percent.


    The purchase of ALX will also bring other key uranium assets to Greenridge, such as the Black Lake, Gibbons Creek, Hook-Carter and McKenzie Lake projects. Together they span approximately 173,000 hectares.

    The company's October 11 press release notes that ALX shareholders will benefit from exposure to Greenridge's Nut Lake uranium project in Nunavut's Thelon Basin. Nut Lake has seen about 6,920 feet of diamond drilling activity, and is near Atha Energy’s (TSXV:SASK,OTCQB:SASKF) Angilak project, which hosts the Lac 50 Trend deposit.

    The deal between Greenridge and ALX follows a non-binding letter of intent announced on September 5. The acquisition is expected to create a vehicle with a market capitalization of approximately C$35 million.

    ALX shareholders will receive 0.045 Greenridge shares for each ALX share held. Upon completion, Greenridge shareholders will hold about 75.2 percent of the merged firm, while ALX shareholders will own around 24.8 percent.

    Warren Stanyer, CEO and chairman of ALX, will join Greenridge as president and director, along with an additional nominee to the company's board of directors. Russell Starr will remain as CEO and director.

    Don't forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    Editorial Disclosure: ALX Resources is a client of the Investing News Network. This article is not paid-for content.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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