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Northern Uranium (TSXV : UNO) (“Northern Uranium” or, the “Company”) is pleased to announce its intention to form a 70/30% joint venture with CanAlaska Uranium (“CanAlaska”) for the North West Manitoba property. In accordance with the option agreement with CanAlaska, to earn the 70% interest in the project, Northern Uranium was required to spend a total of $6,000,000 and issue …
Northern Uranium (TSXV : UNO) (“Northern Uranium” or, the “Company”) is pleased to announce its intention to form a 70/30% joint venture with CanAlaska Uranium (“CanAlaska”) for the North West Manitoba property.
In accordance with the option agreement with CanAlaska, to earn the 70% interest in the project, Northern Uranium was required to spend a total of $6,000,000 and issue a total of 7,000,000 shares and 3,500,000 warrants to CanAlaska within the period required by the agreement. To date, the Company has allocated expenditures totalling $8,680,249 to the project, and issued all required shares and warrants; all warrants issued under the option agreement expired unexercised.
Northern Uranium had the right to acquire an 80% interest in the project through additional $5.6 million in expenditures on the project and further issuances of shares and warrants to CanAlaska.
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