Infini Resources (ASX:I88) entered into a binding agreement to acquire the Reynolds and Boulding Lake uranium projects for an upfront consideration of AU$1.6 million in cash and shares, according to a Tuesday filing with the Australian Securities Exchange.

It will begin geophysical surveys at both projects shortly to locate targets for exploration activities.

The consideration consists of the issuance of 2.6 million fully paid ordinary shares at an issue price of AU$0.572 per share worth AU$1.5 million, as well as AU$100,000 in cash.

At completion, it will issue AU$750,000 worth of performance rights, subject to a vesting condition. Completion is required by March 31.

The Reynolds Lake project comprises a 677 square kilometer landholding and contains reported anomalous uranium in lake sediments and radiometric anomalies.

Boulding Lake is a 254-square-kilometer property directly adjacent to claims containing a large number of radioactive boulders, with the potential for a primary uranium source within the project area.

Infini Resources' shares fell almost 6% on market close on Tuesday.