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Azincourt Uranium Inc To Purchase 100% Of Minergia From Cameco Corp And Vena Resources Inc For Total Consideration Of $2 Million


Friday, 22 Nov 2013 02:00am EST 

Azincourt Uranium Inc announced that it has entered into definitive share purchase agreements dated November 20, 2013 with each of: (a) Cameco Corp and its wholly owned subsidiary Cameco Global Exploration Ltd. (Cameco); and (b) Vena Resources Inc for the acquisition of 100% of the issued shares of Minergia S.A.C. (Minergia) a private Peruvian company (the Acquisition). Minergia owns 100% of the rights and interests in the advanced stage Macusani and early stage Muñani uranium exploration projects in the Puno department of south-eastern Peru covering a combined area of 14,700 hectares (the Projects). Under the terms of the separate Share Purchase Agreements, the Company has agreed, subject to the satisfaction of certain conditions precedent to acquire each of Cameco's and Vena's 50% of the issued capital of Minergia in exchange for consideration of CAD1,000,000 payable to each of Cameco and Vena as follows: CAD750,000 worth of common shares of the Company, being 2,525,252 common shares (the "Consideration Shares") calculated based on the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange (the "Exchange") for the 10 trading days immediately prior to signing of the Share Purchase Agreements; and CAD250,000 in cash. The Consideration Shares to be issued to both Cameco and Vena will be subject to a statutory hold period of four months and one day from the date of their issuance. 

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21 Nov 2014