CALGARY,
AB, Oct. 28, 2022 /CNW/ - Further to Uravan
Minerals Inc.'s (TSXV: UVN) ("Uravan") August 15, 2022, press release, Uravan is pleased
to announce that it has completed the acquisition (the
"Acquisition") of Prime Fuels Corp ("Prime") and
Prime's 100% owned mining property (the "Claims") located in
Lisbon Valley Mining District (the "Lisbon Valley District")
Utah, USA.
Pursuant to the terms of the Acquisition, Uravan acquired all
the common shares of Prime from the Prime shareholders (the
"Prime Shareholders") at a deemed value of $124,000 (the "Purchase Price"). The
Purchase Price was satisfied by Uravan issuing 800,000 common
shares of Uravan (the "Uravan Shares") to the Prime
Shareholders at a deemed value of $0.155 per Uravan Share. Prime is now a
wholly owned subsidiary of Uravan, and Uravan is now the beneficial
and recorded owner of 100% interest in the Claims.
Pursuant to Policy 5.3 of the TSX Venture Exchange (the
"Exchange"), the Transaction is considered a
"Fundamental Acquisition" requiring Uravan to obtain Exchange
approval, and Uravan has received conditional approval for the
completion of the Acquisition. On October 26, 2022, the Exchange issued a
resumption bulletin approving the Acquisition allowing
resumption of trading of Uravan Shares effective Friday, October 28, 2022. All Uravan Shares
issued to the Prime Shareholders will be subject to a statutory
4-month hold period under applicable securities law.
Larry Lahusen, CEO of Uravan
comments: "Early in my carrier as a freelance geologist I developed
a "Concept of Uranium Deposition" in the Lisbon Valley District
(then called The Big Indian Wash Uranium District) that culminated
in the discovery of the Velvet – Section 2 Uranium Deposits. With
Uravan's Acquisition of the of LS mining claims, I am pleased to be
active again in this highly prolific uranium producing domain. I
believe it is a pivotal time to be involved in uranium exploration
and specifically in the Lisbon Valley area."
Uravan has provided information with respect to the technical
data covered by the LS mining claims in the Lisbon Valley District,
and its exploration objectives in a NI 43-101 report (the
"Lisbon Valley Report") that will be made available on
www.SEDAR.com and Uravan's website: www.uravanminerals.com.
Cautionary Statements
This press release may
contain forward looking statements including those describing
Uravan's plans and the expectations of management that a stated
result or condition will occur. Any statement addressing future
events or conditions necessarily involves inherent risk and
uncertainty, including Uravan's work plans and the timing thereof.
Actual results can differ materially from those anticipated by
management at the time of writing due to many factors, much of
which are beyond the control of Uravan and its management.
Readers are cautioned that the foregoing list of risk factors
should not be construed as exhaustive. These statements speak only
as of the date of this release or as of the date specified in the
documents accompanying this release. The Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws.
Neither the TSX Venture Exchange, Inc. nor its Regulation
Services Provider (as that term is defined in the polices of the
TSX Venture Exchange) has in any way passed upon the merits of the
Transaction and associated transactions and neither of the
foregoing entities has in any way approved or disapproved of the
contents of this press release and accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Uravan Minerals Inc.
