CA - Consolidated Uranium buys Virginia Energy Resources for C$32.2M
- Consolidated Uranium ( OTCQB:CURUF ) said Tuesday that it would buy Virginia Energy Resources ( OTCPK:VEGYF ) (TSXV:VUI) for an equity value of C$32.2M.
- Virginia Energy shareholders will receive 0.26 of a common share of Consolidated Uranium for each Virginia Energy share held.
- The exchange ratio implies consideration of C$0.502 per Virginia Energy share based on the closing price of the CUR shares on the TSX Venture Exchange on November 14, 2022.
- Existing shareholders of Consolidated Uranium and Virginia Energy will own ~82.4% and 17.6%, respectively, of the outstanding CUR shares when the deal closes.
- Virginia Energy Resources is the sole-owner of Coles Hill Uranium Project located in south central Virginia, United States, which is the largest undeveloped uranium deposit in the U.S. and among the largest projects by total uranium resources in the world.
- The project is held through a subsidiary of Virginia Energy, Virginia Uranium Inc, which controls the mineral rights, certain surface rights, and leasehold development and operating rights at Coles Hill.
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Consolidated Uranium buys Virginia Energy Resources for C$32.2M