Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas, Australia and Africa.
Sulliden Mining Capital acquires 75% Interest in an Australian Uranium Mining Project. (Credit: Khusen Rustamov from Pixabay)
Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce it has closed a transaction (the “Acquisition”) to acquire a 75% interest in the Orange Creek Uranium Project (the “Project”) through the acquisition from a private company (the “Vendor”) of 75% of the issued common shares of Orange Creek Resources Pty. Ltd., an Australian private company (the “Target”).
The Project is located in the Northern Territory of Australia, 38 km south of Alice Springs, and is situated adjacent to the Pamela and Angela uranium deposits. For more information about the Acquisition, the Target, and the Project, please see the Company’s press release dated June 27, 2023, which is available under Sulliden’s SEDAR profile at www.sedar.com.
Pursuant to the purchase agreement respecting the Acquisition (the “Agreement”), Sulliden acquired a 75% equity interest in the Target, with the Vendor retaining the remaining 25% interest. As consideration, Sulliden paid an aggregate of AUD$400,000 to the Vendor. As additional consideration, Sulliden agreed to fund the Target’s additional exploration activities over the two-year period following closing to the value of AUD$300,000. The Acquisition was an arm’s length transaction for purposes of the policies of the Toronto Stock Exchange. No finder fees were paid in connection with, and no change of control of Sulliden resulted from, the Acquisition.
Mr. Rennie Morkel, Chief Executive Officer of Sulliden, commented: “We are delighted to finalize our acquisition in the Orange Creek Uranium Project. This transaction is aligned with our ongoing belief in uranium as a crucial mineral and sustainable investment to provide a clean energy solution for future generations. Positioned in an area synonymous with rich uranium deposits, and in a country that leads in responsible mining, we are confident that this asset will become an important part of our investment portfolio. I would also like to take this opportunity to express my sincere gratitude to all our partners who made this acquisition a reality. This is truly an exciting development and milestone for Sulliden and for our shareholders.”
Source: Company Press Release