VANCOUVER, BC: First Uranium Resources Ltd. (OTCPK: KMMIF) has entered right into a binding letter of intent for an choice to acquire all of the shares of Southwind Corporation, a Delaware corporation, holding significant exploration and development properties in and round Independence County, Arkansas, United States of America.
Pursuant to the terms, First Uranium Resources will have the choice to purchase 100% of the shares of Southwind by issuing as much as 20 million shares of First Uranium Resources as follows:
In addition to the share payments, the corporate shall be obligated to incur minimal work expenditures of not lower than $3 million USD inside 12 months from the completion of the NI 43-101 Report.
The firm will pay finder’s charges of as much as 2.0 million shares inside the occasion of and as and when the choice is exercised by the company.
Southwind Corporation is an Arkansas based phosphate and heavy uncommon earth development project operated by skilled geologists and useful resource entrepreneurs; Paul Barrett and Erika Syba.
The project assets host high-grade, floor phosphate deposit extremely enriched with heavy uncommon earth elements.
The deposit is made up of two strategic and critical merchandise with strong demand growth. Phosphate and Heavy Rare Earth Elements. Phosphate costs are approaching 10 year highs. The project is shut to producing rock quarries and is therefore in shut proximity to rail export and extra transport infrastructure.
Paul Barrett, CEO of Southwind, said “We are delighted to be partnering with First Uranium on this thrilling project, with mixed potential for 2 vital commodity streams – phosphates and uncommon earths. First Uranium’s participations will speed up development of this near-surface stratiform deposit, located inside the coronary heart of the US Midwest, which has excellent potential to feed into the agricultural and high-tech metals sectors, each of that are experiencing sustained and long-term growth in feedstock demand.”