KELOWNA, BC, Nov. 9, 2017
/CNW/ - Northern Uranium Corp. (TSXV : UNO) ("Northern
Uranium" or, the "Company") is pleased to announce its intention to
form a 70/30% joint venture with CanAlaska Uranium Ltd.
("CanAlaska") for the North West
Manitoba property.
In accordance with the option agreement with CanAlaska, to earn
the 70% interest in the project, Northern Uranium was required to
spend a total of $6,000,000 and issue
a total of 7,000,000 shares and 3,500,000 warrants to CanAlaska
within the period required by the agreement. To date, the
Company has allocated expenditures totalling $8,680,249 to the project, and issued all
required shares and warrants; all warrants issued under the option
agreement expired unexercised.
Northern Uranium had the right to acquire an 80% interest in the
project through additional $5.6
million in expenditures on the project and further issuances
of shares and warrants to CanAlaska. In September, 2015, the
Company announced that it had elected to work towards this goal.
The Company issued a further 5,000,000 shares and 2,500,000
warrants exercisable at $0.05 for a
term expiring September 15, 2018. While the Company incurred
further expenditures as we continued work on the project,
management has elected not to proceed further and has decided to
form the joint venture at 70/30%. Management is currently working
on finalizing the joint venture agreement, as well as exploring
other options for the property and the Company.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Northern Uranium Corp.
