Red Star will pay a sum of $100,000 cash and will issue 1,000,000 common shares of Adamera Minerals, in consideration for the properties.
Adamera will also receive 2% net smelter return royalty with respect to the properties from Red Star while 1% of which may be purchased by Red Star for $1,000,000.
The properties are located in Nunavut, Canada and are part of a large portfolio of northern projects held by Adamera Minerals.
Adamera Minerals president and CEO Mark Kolebaba said this is a positive transaction for Adamera and Red Star.
"Kam and Hawk are highly prospective projects that clearly warrant further advancement by a company focused on uranium exploration," Kolebaba added.
"Realizing value for our northern projects is a very important part of our overall strategy as we explore and focus on our projects in Washington State," Kolebaba continued.
The transaction is subject to approvals.
