Pathfinder owns the Shirley basin and Lucky Mc mine sites in the Shirley basin and Gas Hills mining districts of Wyoming, respectively, with remaining resources at the two projects estimated to approximately 15 million pounds U3O8.
Ur-Energy president and CEO Wayne Heili said that the current uranium market temporary downturn has provided an opportunity to Ur-Energy to make this strategic acquisition at a favorable cost.
"Adding Pathfinder Mines is an important step toward achieving our corporate objectives of growing our production profile and diversifying our project portfolio," Heili added.
Based on the revised terms of the transaction involving a cash payment, following pre-closing adjustments, of US$5,318,562, in addition to the escrow amount of $1.3m paid in 2012, Ur-Energy had closed the transaction.
"This transaction brings an accretive set of assets and historic mineral resources to Ur-Energy, as the Pathfinder assets hold clear growth synergies with our current Wyoming holdings," Heili continued.
"We believe that Pathfinder’s Shirley Basin property is host to an exceptionally high-grade ISR-amenable uranium deposit that has similar characteristics to our producing Lost Creek Project."
Additionally, Ur-Energy closed its previous private placement for gross proceeds of approximately $5.18m from the sale and issuance of 4,709,089 units at a purchase price of $1.10 per unit, the company said.
Ur-Energy Chairman Jeffrey Klenda said, "This financing enabled us to complete the acquisition of Pathfinder, which is an important component in Ur-Energy’s long-term development strategy."
