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Uran Limited ("Uran") has entered into an option to acquire all of the shares in Discovery Minerals Pty Ltd (“Discovery”), a private company which is in negotiations to acquire advanced and producing uranium properties in the countries of the CIS, including Ukraine and Uzbekistan, as detailed in the Projects pages.
Uran may exercise its option within three months by issuing to the shareholders of Discovery fully-paid ordinary shares in Uran which constitute 60% of the shares in Uran on a fully-diluted basis, after those shares are issued. Uran may extend its option for three months by payment of $100,000 prior to expiry of the first three months. An independent valuation will be completed prior to exercise of the option. The transaction is also subject to shareholder approval.
Discovery Minerals is a company associated with Ms Kate Hobbs, who is a Director of Uran Limited.
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