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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.