Virginia Energy waived its right of first refusal on financings, thus allowing SRC to invest directly into VAUH.
Virginia Energy has 90 days to exercise a preemptive right to invest into VAUH on the same terms as SRC so as to maintain its current 28.5% ownership position in the Coles Hill uranium project through VAUH.
SRC is investing approximately CAD6m ($5.98m) of new funding into the project, and certain shareholders in VAUH have committed to exchanging shares of VAUH for shares in SRC such that SRC will attain a 19.9% participation level in VAUH.
VAUH is the owner and operator of the Coles Hill uranium project.
