Snow Lake Resources Ltd. announced a transformational transaction, entering into a 50/50 joint venture with Global Uranium and Enrichment Limited (GUE) to acquire 100% of the Pine Ridge Uranium Project in Wyoming's Powder River Basin. This acquisition positions Snow Lake at the forefront of the uranium supply chain in the United States.
As part of the deal, Snow Lake will become a cornerstone investor in GUE, acquiring a 19.99% interest by participating in GUE's proposed AUD$9 million capital raise. Snow Lake CEO Frank Wheatley will also join the Board of Directors of GUE as a Non-Executive Director, ensuring strategic alignment.
The Pine Ridge Project is an advanced In-Situ Recovery (ISR) uranium project with a large JORC 2012 exploration target, located near Cameco's Smith Ranch Uranium Mill. The total cash payment for the Pine Ridge acquisition is US$22,500,000, payable in three equal installments of US$7,500,000 at closing, one year, and two years from closing, with closing anticipated by April 22, 2025.
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