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Uranex NL announced it has signed a Heads of Agreement for the sale of 100% of its Australian Uranium Projects to a major Chinese Investor for a total sum of AUD$20,000,000 cash.
The price was negotiated around the independent valuation for the projects, with an agreed amount being AUD$20,000,000 to be paid within ninety (90) days of 22 August 2011 including a non-refundable deposit of A$500,000 received on behalf of the company today. The agreement is subject to the investor completing due diligence to its satisfaction and both parties obtaining all necessary shareholder and regulatory approvals which includes, but is not limited to, Australian Foreign Investment Review Board, Corporations Act and ASX listing rules. Additionally, Uranex has agreed to provide the Investor with a first right of refusal in respect of any sale of any further tenements in Australia owned or acquired by Uranex. Uranex Managing Director Matthew Gauci said “This agreement unlocks and realises the significant value in the Australian Uranium Projects created by Uranex. We are confident the Australian Uranium Projects will successfully progress towards production and further opportunities will be created through our alliance.” |
