VANCOUVER, British Columbia, Feb. 13, 2024 (GLOBE NEWSWIRE) — Stallion Uranium Corp. (the “Company” or “Stallion”) (TSXV:STUD, OTCQB:STLNF, FSE: HM40)) is pleased to announce that, further to its news release dated January 22, 2024, the Company has entered into a definitive purchase and sale agreement dated February 12, 2024 (the “Agreement“), under which the Company has granted Glorious Creation Limited (“Glorious“) the right to acquire a 100% interest in its Eastern Basin Projects, comprising seven (7) mineral claims totalling approximately 10,874 hectares (26,870 acres) and located in the Province of Saskatchewan (the “Property“).
“We are excited to see our three eastern basin projects move into the hands of Glorious, while still being able to benefit from their success. These projects warrant, and will now receive, a committed uranium exploration program led by the strength of our technical and geological team. All three projects are located in the heart of the world-renowned Eastern Athabasca Basin and hold potential for a high-grade discovery,” stated Drew Zimmerman CEO. “It also allows for Stallion to remain focused on progressing our projects in the southwestern basin where we hold the largest exploration land package.”
Pursuant to the Agreement, Glorious shall acquire a 100% interest in the Property for the following consideration to the Company:
concurrently with the signing the Agreement, a cash payment of $100,000.00 (the “Deposit“), which one half of the Deposit ($50,000) will be refundable by the Company to Glorious should Glorious does not obtain approval from the Canadian Securities Exchange (“CSE”);
on the date of the Closing (the “Closing Date“), a cash payment of $300,000;
an aggregate of 2,500,000 common shares of Glorious (each, a “Share“) to be issued to the Company as follows:
500,000 Shares on the date which is six (6) months following the Closing Date,
500,000 Shares on the date which is twelve (12) months following the Closing Date,
500,000 Shares on the date which is eighteen (18) months following the Closing Date, and
1,000,000 Shares on the date which is twenty-four (24) months following the Closing Date.
The Company shall retain a royalty of three percent (3%) of net …
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