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CanAlaska Uranium Ltd. (TSXV:CVV) – Notable News

April 28, 2022

CanAlaska Uranium Ltd. (TSXV:CVV, BUY (S), David A. Talbot) announced it has entered into purchase option agreements (POA) with Basin Energy Ltd. (Private), to allow Basin to earn up to an 80% interest in the North Millennium and Geikie projects, and a 100% interest in the Marshall project. Basin Energy can earn up to an 80% interest in each of the North Millenium and Geiki projects by undertaking work and milestone payments in three defined earn-in stages on each project: 1) an initial 40% interest in each project by paying A$33.3k in cash per project and issuing 6.66% worth of shares within 180 days following execution of a definitive POA, with the right to extend the 40% option for up to three consecutive months upon payment of an option extension fee of A$3.8k per month per project. 2) an additional 20% interest, in each project by incurring A$2.5M in exploration expenditures per project within 24 months of an ASX listing, and 3) a final 20% interest may be earned in each of the projects by issuing a further 2.25M shares per project and incurring an additional A$5M, for a total of A$7.5M, in exploration expenditures per project within 48 months of ASX listing and granting the company a 2.75% NSR (with buyback rights). Basin may also acquire a 100% interest in the Marshall project, by paying A$33.3k in cash and issuing 6.66% worth of shares once listed on the ASX within 180 days following execution of a definitive POA. Basin Energy will have the right to extend the payment period for up to three consecutive months for further consideration. CanAlaska and Basin Energy will enter into an agreement on terms acceptable to both parties. CanAlaska will be the operator of the initial A$1.5M work program on the property after closing of the transaction. An area of mutual interest will also be established that extends 2km from the boundary of the North Millennium, Geikie and Marshall claims. Lastly, CanAlaska announced that the preliminary work programs and budgets for each program will be laid out for the next two years. Once the 40% option threshold has been met with respect to the North Millennium and Geikie projects, and the 100% option has been fully exercised with respect to the Marshall project, its anticipated that the first exploration programs will be conducted in H2/22. Typical of CanAlaska’s project generative strategy, this deal should help shift exploration risk to a 3rd party, while setting itself up to share in any positive exploration results. Read more

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