Under the terms of deal, Blue Sky will acquire 100% of the outstanding common shares of Windstorm in exchange for common shares of Blue Sky.
Blue Sky Uranium Corp president and CEO Sean Hurd said, "With this acquisition Blue Sky is well funded providing Blue Sky shareholders and Windstorm shareholders with immediate exposure to Blue Sky’s very active and exciting exploration program funded by AREVA, a global leader in uranium exploration and development."
Windstorm president and CEO Gerald Carlson said, "Blue Sky makes an excellent match for Windstorm, with an advanced uranium project portfolio and a solid JV partnership that can provide our shareholders with immediate exposure to an active exploration program with significantly less risk."
Each shareholder of Windstorm will be issued with 0.29151 of a common share in the capital of Blue Sky for each Windstorm common share held.
Windstorm shareholders will receive approximately 6 million common shares of Blue Sky under the deal, based on the 20,582,550 common shares of Windstorm outstanding on the date hereof.
It represents approximately 41% of Blue Sky’s outstanding shares on completion of the transaction, based on Blue Sky’s 8,701,989 outstanding common shares on the date hereof.
Upon the completion of the transaction, Windstorm will become a subsidiary of Blue Sky and the resulting company will be named Blue Sky Uranium Corp.
The transaction will be closed after the completion of several conditions including receipt of all necessary approvals.
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