VANCOUVER, British Columbia, Feb. 20, 2024 (GLOBE NEWSWIRE) — Standard Uranium Ltd. (“Standard Uranium” or the “Company“) (TSXV:STND) (OTCQB:STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has signed a definitive option agreement (the “Option Agreement“), dated February 16, 2024, with ATCO Mining Inc. (the “Optionee“), an arms-length company listed on the Canadian Securities Exchange (CSE:ATCM). Pursuant to the Option Agreement, the Optionee has been granted the option (the “Option“) to earn a 75% interest over three years in the 3,061-hectare Atlantic Project located in the eastern Athabasca Basin. The Option Agreement gives effect to the term sheet previously signed with ATCO Mining Inc., dated February 9, 2024.
The Option is exercisable by the Optionee completing cash payments, arranging for the issuance of Optionee shares to the Company and incurring exploration expenditures on the Project, summarized in Table 1.
Table 1. Summary of Definitive Option Agreement Terms
Consideration
Payments
Consideration
Shares
Exploration
Expenditures
Operator Fee
(10-12%)
Year 1
$110,000
3,000,000
$1,300,000
$130,000
Year 2
$120,000
6,000,000
$2,000,000
$240,000
Year 3
$200,000
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