NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
VANCOUVER, April 25, 2014 /CNW/ -NexGen Energy Ltd. ("NexGen" or the "Company") (TSXV:NXE) is pleased to announce that it has entered into an agreement with Long Harbour Exploration Corp. (formerly Long Harbour Capital Corp.) ("Long Harbour") to acquire (the "Acquisition") a 75% interest in, and an option (the "Option") to acquire the remaining 25% interest in, five mineral claims (collectively, the "Property"). The Option is exercisable by NexGen, upon notice to Long Harbour, at any time during the 48-month period following closing of the Acquisition. The Property is subject to a royalty of 2% of net smelter returns and a 2% gross overriding royalty. The Acquisition and the Option are subject to approval by the TSX Venture Exchange (the "TSXV").
The Property is situated approximately 30 km east of the Cigar Lake mine, and located in close proximity to the Company's Thorburn Lake property in the eastern section of the Athabasca Basin in northern Saskatchewan, Canada.
The purchase price payable by NexGen for the Acquisition consists of the issuance to Long Harbour of such number of common shares of the Company ("Common Shares") as are equal $135,000. In the event that NexGen exercises the Option, it is also required to issue to Long Harbour such number of Common Shares as are equal to $45,000. In each case, the number of Common Shares will be calculated based on the volume weighted average trading price on the TSXV during the five days immediately preceding the closing of the Acquisition and the exercise of the Option, respectively.
Leigh Curyer, NexGen CEO commented, "the acquired properties have interpreted geophysical characteristics that meet our strict exploration criteria of targeting shallow hosted uranium mineralization. They are in the vicinity of our highly prospective Thorburn Lake and Radio properties located in the eastern section of the Athabasca Basin".
In connection with the Acquisition and the Option, NexGen has agreed to issue a finder's fee of: (i) $15,000, in connection with the Acquisition, and (ii) $5,000 in connection with the exercise of the Option.
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of exploration professionals with a track record in the discovery of unconformity-style uranium deposits in Canada.
NexGen owns a portfolio of highly prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including, a 100% interest in Rook 1, which includes the Arrow Prospect, and an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the U.S., or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the U.S. or to the account or benefit of a U.S. person or a person in the U.S. absent registration or an applicable exemption from the registration requirements.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, but not always, forward-looking information is identifiable by the use of words such as "expects", "anticipates", "believes", "projects", "plans", "intends" and other similar words, or statements that an event "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Examples of such forward-looking information include, among others, statements regarding: receipt of TSXV approval of the Acquisition and the Option; closing of the Acquisition and exercise of the Option; and information with respect to future exploration and development plans concerning the Company's projects in the Athabasca Basin.
Forward-looking information is based on the then current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. Assumptions and factors underlying the Company's expectations regarding forward-looking information contained herein include, among others: that general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed on reasonable terms; that the Company's current exploration activities can be achieved and that its other corporate activities will proceed as expected; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner.
Although the assumptions made by the Company in providing forward-looking information are considered reasonable by management at the time the forward-looking information is given, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information, including, among others: risks related to the availability of financing on commercially reasonable terms and the expected use of the proceeds; changes in the market; potential downturns in economic conditions; industry conditions; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results of exploration; future prices of metal; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; changes in laws and regulations; community relations; and delays in obtaining governmental or other approvals or financing. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. NexGen undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: NexGen Energy Ltd.
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