- F3 Uranium (FUU) has signed a letter of intent (LOI) with SKRR Exploration (SKRR) on the Clearwater West Project in Saskatchewan
- SKRR has an option to acquire up to a 70 per cent interest in F3’s right, title, and interest in and to the mineral claims compromising the mineral exploration project
- The Clearwater West Project is located 20 km outside the edge and in the south-west area of the Athabasca Basin and is comprised of three contiguous mineral claims totalling 117.8 sq. km.
- F3 Uranium Corp. (FUU) opened trading at $0.34 per share
F3 Uranium (FUU) has signed a letter of intent (LOI) with SKRR Exploration (SKRR) on the Clearwater West Project in Saskatchewan.
Both companies will negotiate the terms of a definitive option agreement that will provide SKRR with an option to acquire up to a 70 per cent interest in F3’s right, title, and interest in and to the mineral claims compromising the mineral exploration project.
The Clearwater West Project is located 20 km outside the edge and in the south-west area of the Athabasca Basin and is comprised of three contiguous mineral claims totalling 117.8 sq. km. which are immediately south and adjacent to Fission Uranium’s PLS property.
SKRR’s CEO, Sherman Dahl explained that through this partnership, his team has an opportunity to acquire a majority stake in an attractive property in the Athabasca Basin region, home to some of the world’s largest uranium mining operations.
“At SKRR we believe that that PLS/PLN area has the potential to generate further large discoveries, as demonstrated by the recent JR zone discovery at PLN. The Clearwater West project is near large uranium discoveries, including the Arrow and Triple R deposits.”
F3’s CEO,Dev Randhawa, added that working with groups like SKRR will allow his company to advance exploration and unlock potential value for our company and shareholders.
“F3 will be the operator during the earn-in period, having assembled the team responsible for three major uranium discoveries in the Athabasca Basin, the J Zone at Waterbury Lake (which was sold to Denison Mines), Fission Uranium’s Triple R deposit and most recently F3’s JR Zone at PLN. Through this LOI, F3 will receive cash and operator fees (up to $700,000), 7 per cent ownership in our partner pre-financing and up to $5.4M in work expenditures to advance exploration on the Clearwater West Property.”
Under the terms of the LOI, SKRR may acquire its interest in the project by making certain staged cash payments and share payments of common shares in the capital of SKRR to F3 and by incurring expenditures over a 3-year period.
Cash payable:
- $25,000 on or before December 31, 2023
- An additional $25,000 on or before December 31, 2024
- An additional $50,000 ($100,000 total) on or before December 31, 2025
SKRR common shares:
- 1,000,000 common shares upon execution of the Option Agreement and TSX Venture Exchange approval of the transaction
- An Additional 1,000,000 Common Shares On Or Before December 31, 2023
- An Additional 1,000,000 Common Shares On Or Before December 31, 2024
- An Additional 2,000,000 (5,000,000 Total) Common Shares On Or Before December 31, 2025
Property expenditures:
- $1,000,000 within one year of exchange approval
- An Additional $2,000,000 within two years of exchange approval
- An Additional $3,000,000 ($6,000,000 total) within three years of exchange approval
Net Smelter Returns Royalty:
- 2 per cent NSR Royalty to F3 with SKRR’s option to repurchase 1 per cent (one-half) of the NSR Royalty for $1,000,000
F3 Uranium is a uranium project generator, and exploration company focused on 16 projects in Saskatchewan’s Athabasca Basin.
SKRR is a Canadian precious metal explorer with properties in British Columbia and Saskatchewan.
SKRR Exploration Inc. (SKRR) opened trading at $0.04.
F3 Uranium Corp. (FUU) opened trading at $0.34 per share.