Canadian miner Green Shift sells Los Altares uranium project to fellow Canadian miner
Canadian miners Green Shift Commodities and Myriad Uranium Corporation have reached a definitive share purchase agreement whereby Myriad will acquire all of the issued and outstanding shares of Buenavida Metales, Green Shift's wholly-owned Argentinian subsidiary that holds the Los Altares uranium project.
Green Shift will receive C$300 000 in cash, C$700 000 in common shares of Myriad and a 2% net smelter return royalty on the project.
Buenavida will retain the right to purchase half of the royalty for C$1-million in cash.
The transaction provides Green Shift with cash proceeds while maintaining exposure to the project. “The deal reflects our approach to realising value from our assets while retaining participation in their future potential.
“The combination of cash, Myriad shares and a royalty allows us to monetise Los Altares and maintain exposure to its future success,” adds Green Shift CEO and director Trumbull Fisher.
Los Altares consists of 23 mining properties totalling 55 013 ha. Some areas on the property already have granted mining concessions in place.