Elevate Uranium Ltd (ASX: EL8; OTC: ELVUF) has signed a definitive agreement to divest its Oobagooma Uranium Project in Western Australia to Orpheus Uranium Ltd (ASX: ORP), as part of its strategic shift toward advancing its Namibian and Northern Territory portfolio and commissioning the U-pgrade™ demonstration plant.
Located 75km northeast of Derby in the Kimberley region, Oobagooma hosts classic roll-front uranium mineralisation. Under the terms of the transaction, Elevate will receive:
- A$50,000 non-refundable exclusivity payment
- A$175,000 upfront cash
- 20 million Orpheus shares upon completion
- 15 million milestone shares upon regulatory and exploration commencement
- 25 million milestone shares upon completion of a 2,400m drill program within five years
Completion is subject to shareholder and third-party approvals. Upon closing, Elevate is expected to become a substantial and supportive shareholder in Orpheus.
Discovery Capital Partners acted as corporate advisor to Elevate on the transaction.
To read more about this, please visit https://www.elevateuranium.com.au/
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