Great Northern Energy Metals Acquires Option to Secure Uranium Claims in Colorado
VANCOUVER, BC, May 21, 2025 /CNW/ - Great Northern Energy Metals Inc. (" GNEM" or the " Company") (CSE: GNEM) is pleased to announce that it has entered into an assignment and assumption agreement (the " Assignment Agreement") to acquire all rights, title, and interests in an option agreement (the " Option Agreement") originally dated February 6, 2025, between UREnergy, LLC, a Colorado-based uranium company (" UREnergy"), and 16508731 Canada Inc., an Ontario-incorporated entity (the " Assignor").
Under the Assignment Agreement dated May 18, 2025, GNEM assumes the rights and obligations to earn a 100% interest in a package of mineral claims and leases (the " Property") located in San Miguel County, Colorado. The Property includes the Slickrock Lease and 60 contiguous unpatented mining claims, known for historical uranium occurrences.
Transaction Summary:
GNEM has assumed the Assignor's obligations under the Option Agreement to acquire the Property in exchange for:
An aggregate of USD$1,450,000 in cash payments (collectively, the "Option Cash Payments") to UREnergy, following the below payment schedule:
$250,000 on Nov 3 rd, 2025
$400,000 on May 18 th 2026;
$400,000 May 18 th 2027; and
$400,000 on May 18 th 2028;
The issuance of fully-paid and non-assessable common shares in the capital of GNEM (the " Option Shares") to UREnergy in four tranches totaling CDN$1,830,000, following the below payment schedule:
$750,000 worth of Option Shares on Nov 3 rd 2025;
$360,000 worth of Option Shares on May 18 th 2026
$360,000 worth of Option Shares on May 18 th 2027; and
$360,000 worth of Option Shares May 18 th 2028.
The deemed price of the Option Shares will be based on the 15-day volume-weighted average trading price of GNEM's shares on the Canadian Securities Exchange (the " CSE") at the time of issuance. All issuances are subject to regulatory approval. UREnergy has provided customary representations and warranties, including good title and compliance with applicable environmental and permitting regulations.
The Assignment is subject to any necessary approvals under applicable Canadian securities laws and the policies of the CSE.
Strategic Importance
The Property hosts prospective uranium targets in a historically productive uranium belt. The acquisition aligns with GNEM's strategy to secure high-potential uranium assets in geopolitically stable jurisdictions.
"This transaction gives GNEM a significant foothold in a tier-one uranium jurisdiction," stated David Mitchell CEO of GNEM. "We believe the Slickrock district has untapped potential, and we are excited to advance exploration and development efforts in collaboration with UREnergy."
About Great Northern Energy Metals Inc.
GNEM is a Canadian-based exploration and development company focused on securing and developing critical energy metals, including uranium. The Company's mission is to support the global transition to clean energy through responsible resource development.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements", including but not limited to: the payments to be made under the Option Agreement, the development potential of the Property, approval of the CSE, and GNEM's strategic objectives. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
2 hours ago
- CTV News
Sudbury appoints 3 new GMs, streamlines city structure
The City of Greater Sudbury announced the appointment of three new general managers and a revised organizational structure on Thursday, marking a shift in municipal leadership aimed at improving efficiency and service delivery. The appointments follow a national search led by Odgers Canada. Shari Lichterman, the city's chief administrative officer, hired in February, also announced structural changes, including consolidating two divisions, eliminating three director roles, and creating a new Community Services department. The revisions are expected to yield cost savings while separating the fire chief and paramedic chief roles. City of Greater Sudbury's New Organizational Structure Effective July 7, 2025, the City of Greater Sudbury is implementing a new organizational structure that marks a shift in municipal leadership aimed at improving efficiency and service delivery. The structural changes include consolidating two divisions, eliminating three director roles, and creating a new Community Services department. (Supplied/City of Greater Sudbury) Planning and Growth Kris Longston An undated promotional photo of Kris Longston, the City of Greater Sudbury's new General Manager of Planning and Growth. (Supplied/City of Greater Sudbury) Kris Longston, promoted to General Manager of Planning and Growth, brings 23 years of municipal experience – including 16 with the city, most recently as director of planning services. In that role, he led initiatives such as the Housing Supply Strategy and Climate Action Plan. Community Well-being Tyler Campbell An undated promotional photo of Tyler Campbell, the City of Greater Sudbury's new General Manager of Community Well-being. (Supplied/City of Greater Sudbury) Tyler Campbell, the new General Manager of Community Well-being, has worked with the city since 2011, previously serving as director of children and social services. His leadership includes projects like the rollout of the Canada-wide Early Learning and Child Care program. Community Infrastructure Antti Vilkko An undated promotional photo of Antti Vilkko, the City of Greater Sudbury's new General Manager of Community Infrastructure. (Supplied/City of Greater Sudbury) Antti Vilkko, joining as General Manager of Community Infrastructure on July 28, has over 25 years of engineering management experience, including seven years as general manager of facilities and energy management for the City of Guelph. Exciting changes Shari Lichterman An undated profile photo of Greater Sudbury CAO Shari Lichterman. (LinkedIn) 'I'm excited to welcome Kris, Tyler and Antti into their new roles and to fill these important leadership vacancies, building on our strong staff team here at the City,' said Lichterman, in a news release. 'The changes demonstrate our commitment to finding efficiencies and ensuring our resources are focused on delivering the services our community needs.' Greater Sudbury Mayor Paul Lefebvre An undated profile photo of Greater Sudbury Mayor Paul Lefebvre. (File photo/City of Greater Sudbury) Mayor Paul Lefebvre praised the appointments, stating, 'Each brings valuable experience and perspective to our executive leadership team. As the structure evolves to meet the changing needs of our community, I remain optimistic about what we can achieve together in building a city where people want to live, work, play and invest.' The new structure takes effect July 7.
CTV News
3 hours ago
- CTV News
Essex asks residents to give input through survey
The Town of Essex sign in Essex, Ont., on June 11, 2020. (Melanie Borrelli / CTV Windsor) The town of Essex is asking for residents' input on their Asset Management Plan through a survey. The initiative is the town's program for replacing its infrastructure. The Asset Management Plan manages public infrastructure, such as road networks, bridges and culverts, water network, sanitary sewer networks and stormwater networks. By participating in the survey, residents can give input on the program's strengths, areas for improvement and priorities for upcoming years. The feedback will inform the town's plan in alignment with Ontario Regulation 588/17. Sherry Bondy, the mayor of Essex, said the questionnaire gives residents a chance to have a say in how the town cares for and invests in infrastructure. 'Your input will help guide responsible planning and ensure we continue to build a strong, vibrant future for Essex,' said Bondy.
Canada News.Net
4 hours ago
- Canada News.Net
"PM Modi always likes to come to Odisha": CM Majhi on PM's declining invitation of Trump, citing prior commitment in Odisha
Bhubaneswar (Odisha) [India], June 21 (ANI): Reacting to Prime Minister Narendra Modi's remarks that he politely declined an invitation from US President Donald Trump, citing prior commitment in Odisha, Chief Minister Mohan Charan Majhi has said that the PM always likes to come to his state. 'He always likes to come to Odisha. He spoke to Donald Trump during the G7, and he invited the PM for a visit to America. PM Modi had already given us the program and told us he would come on June 20... He likes to come to Odisha, and he starts his programs with the chant of 'Jai Jagannath, '' Majhi told ANI. Speaking at an event in Bhubaneswar on Friday, PM Modi said that he had politely declined an invitation from US President Donald Trump to visit the United States on his way back from Canada after the G7 Summit, choosing instead to travel to Odisha -- the 'land of Lord Jagannath,' which he called more important. 'At a time when Odisha's BJP government is completing one year, the people of Odisha are preparing for the Lord Jagannath Rath Yatra. He is our 'prerna' inspiration and 'aaradhya' worship,' PM Modi said. 'Just two days ago, I was in Canada for the G7 summit. During that time, US President Donald Trump called me and invited me with great insistence. I told the President of America, Thank you for the invitation, but I need to go to the land of the Lord. So I politely declined his invitation. Your love has drawn me to the land of the Lord,' he said. Odisha Chief Minister Mohan Charan Majhi has said that his government aims to make the State a USD 500 billion economy by 2036, adding that the government would cooperate with the Centre to achieve the goal of Viksit Bharat. 'We will cooperate with the centre to achieve the goal of Viksit Bharat... Our GDP is more than the national average... We have prepared a vision document for 2036... We aim to make Odisha a USD 500 billion economy by 2036. A double-digit growth rate is required for this,' Majhi told ANI. Majhi commended Prime Minister Modi's leadership and highlighted contributions to the state's development. 'In January, PM Modi urged the investors to participate in the Utkarsh Odisha 2025 conclave. We received proposals worth Rs 17 lakh crores in just two days, which is a record. This happened because the investors trusted you. We are working to make Odisha the industrial hub of eastern India...,' he said. On Operation Sindoor, Majhi lauded Prime Minister Narendra Modi's leadership, stating, 'Under your leadership, the terrorist has been eliminated. Operation Sindoor was not just an operation; it was a symbol of the trust of mothers and sisters. With Operation Sindoor, India rises to a new role, one that does not bow. Earlier, people said, 'Modi hai toh mumkin hai'; now they say, 'Modi hai toh desh surakshit hai.' Under your leadership, development is touching new heights. In 11 years, all sectors have made progress, and India has become the world's fourth-largest economy.' PM Modi inaugurated and laid the foundation stone for multiple development projects worth over Rs 18,600 crore in Bhubaneswar. These projects will cover critical sectors, including drinking water, irrigation, agricultural infrastructure, health infrastructure, rural roads and bridges, sections of national highways, and a new railway line. (ANI)
