On October 27, 2021, Consolidated Uranium Inc. completed the acquisition of a portfolio of conventional uranium projects located in Utah and Colorado from certain wholly-owned subsidiaries of Energy Fuels Inc. for consideration comprised of: (i) US$2 million in cash paid at closing; (ii) 11,860,101 common shares issued at closing; (iii) C$3 million in cash payable on or before the 18-month anniversary of closing; (iv) C$3 million in cash payable on or before the 36-month anniversary of closing; and (v) up to C$5 million in contingent cash payments tied to achieving commercial production at the Tony M Mine, the Daneros Mine and the Rim Mine.
The portfolio of assets includes a 100% interest in the Tony M, Daneros and Rim Mines in Utah, as well as the Sage Plain property and eight US Department of Energy Leases in Colorado. In connection with the closing of the transaction, the companies entered into an investor rights agreement and toll-milling and operating agreements with respect to the projects.
Cassels acted for Consolidated Uranium.