KELOWNA, BC, Nov. 9, 2017 /CNW/ - Northern Uranium Corp. (TSXV : UNO) ("Northern Uranium" or, the "Company") is pleased to announce its intention to form a 70/30% joint venture with CanAlaska Uranium Ltd. ("CanAlaska") for the North West Manitoba property.
In accordance with the option agreement with CanAlaska, to earn the 70% interest in the project, Northern Uranium was required to spend a total of $6,000,000 and issue a total of 7,000,000 shares and 3,500,000 warrants to CanAlaska within the period required by the agreement. To date, the Company has allocated expenditures totalling $8,680,249 to the project, and issued all required shares and warrants; all warrants issued under the option agreement expired unexercised.
Northern Uranium had the right to acquire an 80% interest in the project through additional $5.6 million in expenditures on the project and further issuances of shares and warrants to CanAlaska. In September, 2015, the Company announced that it had elected to work towards this goal. The Company issued a further 5,000,000 shares and 2,500,000 warrants exercisable at $0.05 for a term expiring September 15, 2018. While the Company incurred further expenditures as we continued work on the project, management has elected not to proceed further and has decided to form the joint venture at 70/30%. Management is currently working on finalizing the joint venture agreement, as well as exploring other options for the property and the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Northern Uranium Corp.
For further information: Chad Ulansky, President & CEO, +1-250-448-4110