Officials at Vena Resources entered into a share purchase agreement with Azincourt Uranium to sell their 50% equity interest in Minergia S.A.C., a joint venture company, and Cameco Global Exploration Ltd., which owns and operates the Macusani and Muńani uranium projects in southeastern Peru.
Under the agreement, Azincourt will acquire Vena's 50% ownership in Minergia for $1 million, of which $750,000 will be payable in Azincourt capital common shares based on weighted average volume and $250,000 in cash on closing.
The share deal also required that Vena CEO Juan Vegarra be appointed a director of Azincourt. Vena will further operate the Macusani and Muńani uranium projects in Peru’s Puno municipality under Ted O'Connor; Azincourt has agreed to invest between $1.5 and $2 million in the projects annually.
Vegarra echoed enthusiasm. “Vena believes its stake in Azincourt will result in significant upside,” he said in a statement.
Azincourt Uranium Inc. is a uranium exploration company also focused on the Patterson Lake property in Canada's Athabasca Basin, in partnership with Fission Uranium Corp.