Canadian-based Cascade Resources has amended a previous purchase agreement signed on 20 July 2009 with Bayswater Uranium Corporation, for the acquisition of Samit Uranium Project in Mali.
The Samit Uranium Project is located in a favourable sedimentary basin near the Adrar des Lforhas Massif.
The amendment to purchase agreement pertains to the payable considerations provided to Bayswater in exchange for Northern Canadian Minerals (NCM), which holds the uranium property.
The original agreement committed Cascade to issuing to Bayswater an aggregate of 1,000,000 common shares, paying Bayswater $250,000 in cash pursuant to a promissory note due within 36 months of completing the acquisition of NCM and granted Bayswater a 2.5% net smelter returns royalty from production on the property.
The new agreement cancels the promissory note in favour of the provision of an additional 1,000,000 common shares in Cascade.
Also the considerations for NCM are now made up of the issuance to Bayswater of a total of 2,000,000 common shares in the company and granting of a 2.5% net smelter returns royalty from production occurring on the property.
The acquisition of NCM is subject to regulatory approval