Proactive Investors - Stallion Uranium Corp (TSX-V:STUD, OTCQB:SLLGF) has finalised the sale of its three Eastern Basin projects to Glorious Creation Limited for CA$400,000 plus shares in the buyer.
Glorious Creation will take 100% control of the Saskatchewan projects, the three of which comprise seven mineral claims and total more than 10,870 hectares.
In return, Stallion will receive CA$300,000 following the close of the deal, while an additional CA$100,000 was paid when the agreement was signed.
Of this CA$100,000, half may be refunded back to Glorious Creation should it obtain approval from the Canadian Securities Exchange.
Stallion Uranium will also receive 2.5 million shares in Glorious Creation over the next two years.
A 3% royalty fee will be paid to the exploration group for returns from minerals mined and removed on the properties. Glorious has an option to lower this fee to 1.5% for CA$2.25 million.
An operating agreement also has been implemented, meaning Stallion will undertake an exploration programme on one or more of the properties in return for a fee.
Drew Zimmerman, chief executive, said: “The three projects are located in the heart of the world-renowned Eastern Athabasca (TSX:ATH) Basin and hold potential for a high-grade discovery.
“The sale allows for Stallion to remain focused on our targets in the southwestern Athabasca Basin, including our Appaloosa target that saw great success on our maiden drill program, moving the company towards a discovery.”