Azincourt Uranium Inc. (TSXV:AAZ) announced that it has completed the acquisition of an option to gain an undivided 70-percent stake in the Athabasca Basin-based East Preston project. Azincourt Uranium Inc. (TSXV:AAZ) announced that it has completed the acquisition of an option to gain an undivided 70-percent stake in the Athabasca Basin-based East Preston project. As quoted in the press release: At closing, the Company: Azincourt may exercise the option by incurring an aggregate of CDN$2,500,000 of staged expenditures and paying an aggregate of CDN$1,000,000 in staged cash payments over four years. There is an underlying 2% NSR on commercial production from the East Preston Project and AREVA Resources Canada will retain a Right of First Refusal on the any future proposed sale of East Preston. Click here to read the full Azincourt Uranium Inc. (TSXV:AAZ) press release.
Azincourt Uranium has acquired a 70% stake in the East Preston project, based in the Athabasca Basin. The company has paid an aggregate cash sum of $150,000 to Skyharbour Resources and Clean Commodities, and has issued 398,913 aggregate shares. It has also paid a finder’s fee of 4.5 million shares to Transcend Capital.