Western Uranium & Vanadium Closes Property Acquisition
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) has closed the acquisition of an approximately 900-acre property in Montrose County, Colorado, known as the PRC Site. The transaction, structured as a share purchase, involved acquiring all shares of Pinon Ridge , the parent company owning the site. Western paid approximately USD1.15 million to settle an outstanding promissory note held by a creditor.
The PRC Site is the location of the prospective Pinon Ridge Mill. In 2007, the original acquirer paid USD1.32 million for the acreage, followed by over CAD11.86 million in permitting and development expenditures over four years. Although the mill was never constructed, it was fully licensed, providing leverage from past expenditures for the permitting process.
This acquisition is part of Western's plans to develop and license uranium and vanadium processing facilities for its resource properties in Colorado and Utah.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) ha chiuso l'acquisizione di una proprietà di circa 900 acri nella Contea di Montrose, Colorado, conosciuta come PRC Site. La transazione, strutturata come un acquisto di azioni, ha comportato l'acquisto di tutte le azioni della Pinon Ridge, la società madre proprietaria del sito. Western ha pagato circa USD1,15 milioni per estinguere un Buono di Prestito in sospeso detenuto da un creditore.
Il PRC Site è il luogo del potenziale Pinon Ridge Mill. Nel 2007, l'acquirente originale pagò USD1,32 milioni per l'area, seguito da oltre CAD11,86 milioni in spese di autorizzazione e sviluppo nel corso di quattro anni. Sebbene il mulino non sia mai stato costruito, era completamente autorizzato, offrendo leva dagli investimenti passati per il processo di autorizzazione.
Questa acquisizione fa parte dei piani di Western per sviluppare e autorizzare impianti di lavorazione di uranio e vanadio per le sue proprietà minerarie in Colorado e Utah.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) ha cerrado la adquisición de una propiedad de aproximadamente 900 acres en el Condado de Montrose, Colorado, conocida como PRC Site. La transacción, estructurada como una compra de acciones, incluyó la adquisición de todas las acciones de Pinon Ridge, la empresa matriz que posee el sitio. Western pagó aproximadamente USD1,15 millones para liquidar un pagaré pendiente que tenía un acreedor.
El PRC Site es la ubicación del prospectivo Pinon Ridge Mill. En 2007, el adquirente original pagó USD1,32 millones por el terreno, seguido de más de CAD11,86 millones en gastos de permisos y desarrollo durante cuatro años. Aunque el molino nunca se construyó, estaba completamente autorizado, proporcionando ventaja a partir de los gastos pasados para el proceso de permisos.
Esta adquisición es parte de los planes de Western para desarrollar y licenciar instalaciones de procesamiento de uranio y vanadio para sus propiedades mineras en Colorado y Utah.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF)가 900에이커 규모의 콜로라도 몬트로즈 카운티에 위치한 PRC 사이트의 인수 거래를 종료했습니다. 이 거래는 주식 매입 형식으로 진행되었으며, 해당 사이트를 소유한 모회사인 Pinon Ridge의 모든 주식을 인수하는 내용을 포함했습니다. Western은 USD1.15백만을 지급하여 채권자가 보유한 미지급 약속 어음을 정산했습니다.
PRC 사이트는 잠재적인 Pinon Ridge Mill의 위치입니다. 2007년 원래 인수자는 이 면적에 대해 USD1.32백만을 지급하였으며, 이후 4년 동안 CAD11.86백만 이상의 허가 및 개발 비용이 소요되었습니다. 밀은 완공되지 않았으나, 완전히 허가를 받은 상태로 과거 지출의 레버리지를 제공하였습니다.
이번 인수는 Western이 콜로라도와 유타의 자원 속성을 위해 우라늄 및 바나듐 가공 시설을 개발하고 라이센스를 취득할 계획의 일환입니다.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) a clôturé l'acquisition d'une propriété d'environ 900 acres dans le Comté de Montrose, Colorado, connue sous le nom de PRC Site. La transaction, structurée comme un achat d'actions, a impliqué l'acquisition de toutes les actions de Pinon Ridge, la société mère propriétaire du site. Western a payé environ USD1,15 million pour régler une reconnaissance de dette en souffrance détenue par un créancier.
Le PRC Site est l'emplacement du potentiel Pinon Ridge Mill. En 2007, l'acquéreur d'origine a payé USD1,32 million pour cette superficie, suivie de plus de CAD11,86 millions en frais de permis et de développement sur une période de quatre ans. Bien que le moulin n’ait jamais été construit, il était complètement licencié, fournissant un levier à partir des dépenses passées pour le processus d’autorisation.
Cette acquisition fait partie des plans de Western pour développer et licencier des installations de traitement d'uranium et de vanadium pour ses propriétés dans le Colorado et l'Utah.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) hat die Übernahme eines etwa 900 Acres großen Grundstücks im Montrose County, Colorado, bekannt als PRC-Site, abgeschlossen. Die Transaktion wurde als Aktienkauf strukturiert und umfasste den Erwerb aller Anteile von Pinon Ridge, dem Mutterunternehmen, das das Gelände besitzt. Western zahlte etwa USD1,15 Millionen, um eine ausstehende Schuldanerkennung eines Gläubigers zu begleichen.
Der PRC-Site ist der Standort der potenziellen Pinon Ridge-Mühle. Im Jahr 2007 zahlte der ursprüngliche Käufer USD1,32 Millionen für das Grundstück, gefolgt von über CAD11,86 Millionen an Genehmigungs- und Entwicklungskosten über einen Zeitraum von vier Jahren. Obwohl die Mühle nie gebaut wurde, war sie vollständig lizenziert und bot Vorteile aus den früheren Ausgaben für den Genehmigungsprozess.
Diese Übernahme ist Teil von Westerns Plan, Uran- und Vanadiumverarbeitungsanlagen für ihre Ressourcenflächen in Colorado und Utah zu entwickeln und zu lizenzieren.
- Acquisition of 900-acre property with potential for uranium and vanadium processing
- Fully licensed site leveraging past permitting and development expenditures of over CAD11.86 million
- Strategic expansion of Western's processing capabilities for its Colorado and Utah resources
- Acquisition price of USD1.15 million is lower than the original 2007 purchase price of USD1.32 million
- USD1.15 million cash outlay to settle outstanding promissory note
- Mill construction not yet completed, requiring additional investment
- Potential regulatory challenges in developing uranium and vanadium processing facilities
Toronto, Ontario and Nucla, Colorado, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together with its affiliates, “Western” or the “Company”) is pleased to announce that the Company has closed the transaction (the “Transaction”) announced in its October 1, 2024 news release and therefore acquired an approximately 900 acre property located in Montrose County, Colorado (the “PRC Site”). The Transaction was structured as a share purchase whereby Western acquired all the issued and outstanding shares of Pinon Ridge Corporation, the parent of a company owning the PRC Site (the “Subsidiary”).
In connection with the Transaction, the Company has filed a material change report under its profile on SEDAR+ and a Form 8-K on SEC EDGAR and has paid a creditor holding a security interest against the Subsidiary a total of approximately USD1.15 million to pay off the outstanding promissory note.
Notably, the PRC Site is the location of the prospective Pinon Ridge Mill. In May 2007 the original acquirer paid USD1.32 million for the acreage. During the following four years, over CAD11.86 million in permitting and development expenditures were incurred. While the mill was never constructed, it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting the permitting process.
As further detailed in the October 1, 2024 news release, the acquisition is the second property package Western has acquired in addition to the Maverick Minerals Processing Plant site in Utah and is part of Western’s plans for developing and licensing one or more uranium and vanadium processing facilities to process production from its resource properties in Colorado and Utah.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plant will be licensed to include the kinetic separation process.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
| George Glasier | Robert Klein | |
| President and CEO | Chief Financial Officer | |
| 970-864-2125 | 908-872-7686 | |
| gglasier@western-uranium.com | rklein@western-uranium.com |
FAQ
What property did Western Uranium & Vanadium (WSTRF) acquire in October 2024?
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How does the PRC Site acquisition fit into Western Uranium & Vanadium's (WSTRF) overall strategy?
