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GTI gobbles up Wyoming uranium ground
Mining
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GTI has completed the acquisition of Branka Minerals and its suite of uranium tenements in Wyoming and Colorado ahead of maiden exploration drilling.
Settlement of the acquisition and settlement of the $600,000 vendor placement are the final milestones of a transformative period of corporate activity for the company and positions it for exploration drilling in Wyoming before Christmas.
GTI Resources (ASX:GTR) has also made the final acquisition payment of US$100,000 and two million shares for its purchase of Section 2 and 36 in Utah’s Henry Mountains, giving it ownership over a now contiguous interpreted uranium and vanadium mineralised trend of over 5.5km between its Rat Nest and Jeffrey claim groups.
“Preparation for our maiden drilling program in Wyoming has proceeded according to plan and settlement of the acquisition has put us in a great position to commence drill testing before the end of the year,” executive director Bruce Lane said.
“The company is now well funded after raising in excess of $5m during the last two months and the market context for investing in ISR uranium exploration appears to be increasingly positive.”
GTI recently received approval for a 15,000m exploration drilling program at the Thor prospect in Wyoming.
Branka deal
Under the acquisition, the company issued the owners of Branka 135 million fully paid ordinary shares at a deemed value of 2c each and paid $600,000 reimbursement for establishment and landholding costs of the first stage of properties.
The vendors will receive further conditional consideration of 22.5 million shares at the same value, and a further $450,000 reimbursement, subject to the properties covered by stage two of the deal being registered with the US Federal Bureau of Land Management.
They will also be entitled to a deferred consideration of an added 37.5 million GTI shares subject to the achievement of certain project milestones.
This article was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
