As per the terms of the binding agreement, Toro will issue 415-million fully paid ordinary shares to the seller, representing a 28% holding in the company.
Toro Energy managing director Vanessa Guthrie said that the acquisition demonstrates the company’s ability to further Wiluna uranium project and expects that the Lake Maitland deposit would provide significant operational and financing benefits to Wiluna.
"Mega Uranium is very committed to the Wiluna game plan and like us, continue to focus on bringing Wiluna into first production in a window period where uranium market supply is predicted to occur; beyond 2016," added Guthrie.
"With Lake Maitland added into Wiluna, it enhances our long-term picture and gives us a longer term, more sustainable horizon for developing the project."
The Lake Maitland project is situated nearly 90km from the proposed site of the Wiluna processing facility, comprising high-grade resource base of 6.4million tons, grading 881 part per million.
Guthrie stated that would further the Wiluna project’s Joint Ore Reserves Committee-compliant resource base by around 42% to 76million pounds of uranium oxide, from 54 million pounds.
