- GTI Resources (GTR) reaches out to investors to raise $2.6 million to aid its acquisition of a suite of uranium prospects in the US states of Wyoming and Colorado
- GTI and Branka Minerals entered a binding agreement for GTI to acquire 100 per cent of its 8900-hectare spanning uranium holdings
- GTI affirms the move will grant it a significant land holding in one of the US’s most ‘underexplored’ uranium districts
- Consideration for the buy will be a mixture of cash and shares, and will be subject to a number of conditions including due diligence requirements
- GTI Resources shares are up 11.8 per cent at 2:08 pm AEST to trade at 1.9 cents
GTI Resources (GTR) has reached out to investors to raise $2.6 million to aid its acquisition of a suite of uranium prospects in the US states of Wyoming and Colorado.
The explorer entered a binding agreement to acquire 100 per cent of Branka Minerals, which holds approximately 8900 hectares in combined mineral lode claims and two state leases.
GTI has indicated it will target exploration within the Wyoming prospects as a priority, which it says shares boundaries with “several significant uranium deposits” and neighbour Rio Tinto’s (RIO) Sweetwater and Kennecott Uranium Mills.
Should the buy go ahead, GTI said it would control the largest non‐US, Russian or Canadian owned uranium exploration landholding in the Great Divide Basin, which it considers one of the most ‘underexplored’ major uranium districts.
Consideration for the buy will be a mixture of cash and shares, and will be subject to a number of conditions, including due diligence requirements.
GTI is set to issue 135,000,000 fully paid ordinary shares at 2 cents apiece as initial consideration and pay a $600,000 reimbursement of establishment and land holding costs.
A $2.6 million capital raise will also take place alongside the acquisition, under which GTI will offer up company shares to investors at $0.015 apiece.
Further share and cash payments to the vendors will be issued conditional to GTI meeting certain spending and mineral resource milestones.
GTI Resources shares were up 11.8 per cent at 2:08 pm AEST to trade at 1.9 cents.