Niger Uranium
Orezone Gold Corporation and North Atlantic Resources Ltd. (NAC:TSX) have signed a definitive agreement whereby Orezone will acquire NAC’s three uranium exploration permits in the Republic of Niger, West Africa. Title to the permits currently resides with NAC’s wholly owned Niger subsidiary Selier Energy sarl (“Selier”).
Pursuant to the terms of the agreement, Orezone will acquire the permits through its subsidiary Brighton Energy Limited (“Brighton”) and Niger Resources Inc. (“NR”) whereby NR will acquire Selier’s permits in consideration for Cdn$250,000 and a 20% equity interest in NR. Orezone will hold the remaining 80% equity interest in NR until Brighton is financed and publically listed. All parties will convert their NR shares into Brighton upon the public event. The closing of this transaction is dependent upon, amongst other things, the receipt of all required Niger Government approvals, third party approvals or consents and compliance with any applicable regulatory requirements.
The creation of Brighton with a larger strategically located land package in the Tim Mersoi Basin will unlock shareholder value for both companies. Orezone has a strong presence in Niger along with the infrastructure and ability to build a focused uranium explorer. Creating Brighton will enable both companies to capitalize on their exploration potential in Niger without diluting their core business of gold exploration.
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