Greenridge Exploration has signed a property option agreement with ALX Resources and Pacton Gold to acquire a 100% interest in the Carpenter Lake Uranium Project.
Located in Athabasca Basin, Saskatchewan, the 13,387ha project comprises seven mineral claims.
To secure this interest, Greenridge is obliged to fulfil several financial commitments.
These include a payment of $200,000 to the optionors, namely ALX Resources and Pacton Gold, and the issuance of 1.5 million common shares, valued at $0.82 each.
The shares are to be distributed between ALX and Pacton at a ratio of 60% and 40%, respectively.
In addition, Greenridge must invest a minimum of $1m in exploration activities on the Carpenter Lake site.
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Read More: Greenridge to acquire Carpenter Lake Uranium Project in Canada