Following completion of transaction, which is subject to necessary approvals, Kivalliq will acquire 100% of Pacific Ridge’s ownership interest in the Baker Basin uranium property.
Under the terms of the agreement, Kivalliq’s 600,000 common shares will be issued to Pacific Ridge at a deemed price of $0.25 per share and will also pay $55,000 to Pacific Ridge.
Additionally, Kivalliq will invest $70,000 in Pacific Ridge through a purchase of 1,400,000 units, at a price of $0.05 per unit.
Kivalliq CEO Jim Paterson said Kivalliq continues to evaluate projects worldwide to enhance its high-quality uranium assets exposure.
"Our extensive northern exploration experience, as well as our relationships and award winning environmental track record in Nunavut Territory, give Kivalliq a competitive advantage to rapidly advance the Baker Basin Property," Paterson added.
Located 60km south of the hamlet of Baker Lake, Nunavut Territory, Canada, the Baker basin property comprises 95 claims totaling 232,262 acres.
Kivalliq president Jeff Ward said, "Pacific Ridge’s success in making new and important uranium discoveries, which were not advanced by the subsequent operator, makes the entire Baker Basin Property ripe for a systematic and targeted exploration campaign."
