enCore Energy Corp. (EU), Tuesday announced that the company has entered into a share purchase agreement with Canada-based Verdera Energy Corp. to sell its assets located at New Mexico.
The company added that the assets will be sold in exchange for 50 million non-voting preferred shares of Verdera, a 2 percent net proceeds royalty on uranium, and a 2 percent net smelter returns royalty on other minerals, extracted and sold from the properties, and a non-refundable cash payment of $350,000.
Under the Agreement, after closing, Verdera will seek a listing on a Canadian stock exchange by December 10, 2025, with the option to extend the deadline to January 31, 2026, by mutual agreement.
The sale of the subsidiary is expected to close by March 31, 2025.
Monday, enCore's stock closed at $1.54, up 6.21 percent on the Nasdaq.
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