American Marconi Wireless News - UraniumX Discovery Corp Closes Option Agreement with Gold’n Futures

Under the terms of the Agreement, Gold'n may earn its interest over a 36-month period by issuing up to an aggregate of 11,580,000 common shares of Gold'n to UraniumX, making aggregate cash payments of $550,000, and incurring an aggregate of $2,750,000 in exploration expenditures on the Property. Other than the initial 580,000 shares issued on closing, the number of Gold'n shares issuable in each subsequent tranche is limited to the number that would result in UraniumX holding no more than 19% of Gold'n's issued and outstanding shares at the time of issuance. UraniumX will act as operator of the Property during the option period.

The Gold'n shares issued to UraniumX are subject to a statutory hold period of four months and one day from their date of issuance under applicable securities laws, and to resale restrictions imposed by the Canadian Securities Exchange, including an extended hold period under which the shares will not be freely tradeable until the greater of (i) four months from the date of issuance, and (ii) the date that is 10 days following the filing of a technical report on the Property prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. These resale restrictions run concurrently.

The NeoCore Uranium Property consists of six mineral claims covering approximately 13,012 hectares in the eastern Athabasca Basin, approximately 65 km southeast of the McArthur River mine. The Property benefits from nearby infrastructure access including processing facilities, power, and all-season roads. No mineral resource has been defined on the Property.

The parties are arm's length and no finder's fees are payable in connection with the transaction.

Qualified Person and Technical Information

The technical information in this news release has been reviewed and approved by Ken Wheatley, P.Geo., an independent consultant of the Company and a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About UraniumX

UraniumX Discovery Corp. is a Canadian based junior uranium exploration company focused on advancing high potential assets in Saskatchewan's Athabasca Basin, one of the world's premier uranium districts. The Company's flagship Murphy Lake Uranium Property is located on the eastern margin of the Basin, where UraniumX is earning up to 70% through an option with F4 Uranium Corp. The Company is advancing a project generator model across its broader portfolio by optioning non-core assets and retaining royalties and equity positions while concentrating capital on its flagship property at Murphy Lake.

On Behalf of UraniumX Discovery Corp.

Esen Boldkhuu, CEO

Contact:
UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Email: [email protected]
Telephone: (604) 377-8994
Website: www.uraniumx.ca

Forward-Looking Statements

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, that address events, conditions, or developments the Company expects or anticipates may occur are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the Agreement and its terms, the cash payments, share issuances and exploration expenditures contemplated under the Agreement, the resale restrictions applicable to the Gold'n shares held by UraniumX, the retained net smelter returns royalty, and the Company's project generator strategy.

Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied in the statements. Forward-looking information is subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated, including, but not limited to: the ability of Gold'n Futures to satisfy its obligations under the Agreement, risks related to mineral exploration and development activities, commodity price volatility and adverse market conditions, regulatory and permitting requirements, reliance on key personnel, and other risks described in the Company's public disclosure documents available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking information contained herein, except as required by applicable securities laws.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: UraniumX Discovery Corp.

View the original press release on ACCESS Newswire

A.Jones--AMWN