Solex Enters Into a Definitive Agreement with Homeland Uranium

VANCOUVER, April 5 /CNW/ - Solex Resources Corp. (TSX-V: SOX) ("Solex" or the "Company") is pleased to announce that, further to its news release dated March 2, 2010, it has entered into a definitive agreement with Homeland Uranium Inc. ("Homeland") with respect to an asset sale and purchase transaction. Pursuant to the definitive agreement, Solex will acquire from Homeland C$4.00 million in cash and 7,619,047 common shares of Macusani Yellowcake Inc. ("Macusani"). Solex will also have the right to purchase the shares issuable if Homeland exercises its warrants to purchase up to 4,571,428 Macusani shares (collectively, the "Homeland Assets"). As consideration for the Homeland Assets, Solex will issue to Homeland 81,654,442 common shares of Solex.

"We are very pleased with our review of the Macusani properties and believe there is considerable underlying value for Homeland shareholders resulting from this transaction," said Nick Tintor, President and CEO of Homeland.

"We are excited about the prospect of deploying the Homeland Assets to further develop our extensive holdings in the Macusani region of southern Peru," stated Jonathan Challis, President of Solex. "There is every indication that with a targeted drilling program, a sizeable uranium resource can be identified."

Transaction Highlights

    -   Major strategic & largest land position in the Macusani uranium
        district in Peru.
    -   Strong balance sheet.
    -   A 12.7% interest in Macusani Yellowcake (YEL: TSXV).
    -   100% owned mobile leach test laboratory.
    -   Portfolio of lead + zinc +/- silver resource properties in Peru.

Transaction Details

The transaction is structured as a purchase by Solex of the Homeland Assets. The transaction is subject to certain standard conditions including approval by Solex shareholders. Pursuant to the Notice of Meeting of March 12, 2010, a special meeting of Solex shareholders to approve the transaction and related matters will be held at the offices of Equicom at 20 Toronto Street, Suite 500, Toronto, Ontario on Tuesday, April 27, 2010 at 11:00 a.m. (Toronto time). Solex shareholders will also be asked to approve a share consolidation and name change. The transaction will also be conditional on obtaining the agreement of Eldorado Gold Corporation on certain aspects of this transaction.

Details of the Transaction and the definitive agreement will be described in the Management Information Circular to be filed with the regulatory authorities and mailed to Solex shareholders in accordance with applicable securities laws. Under certain circumstances if the transaction is not completed, a break fee of $250,000 may be payable by Solex or a reverse break fee of $250,000 may be payable by Homeland.

Following the transaction, the Board of Directors will comprise two Solex and four Homeland nominees with a representative of Homeland becoming the President and CEO, and a representative of Solex becoming the Chairman.


Solex has engaged Haywood Securities Inc. as its financial advisor and Ogilvy Renault LLP as its legal advisor. Homeland has engaged Cassels Brock & Blackwell LLP as its legal advisor.

About Solex Resources Corp.

Solex Resources Corp. is the dominant landholder in southern Peru's Macusani Uranium District with concessions covering over 904km(2). The Company is also exploring its other 100% owned proximal Picotani uranium project. NI 43-101 reports were filed during 2008 on the Princesa silver, lead and zinc property and on the Pilunani lead and zinc project.

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