SkyharbourResources Ltd. said July 14 that it has secured an option toacquire Denison MinesCorp.'s 35,705-hectare Moore Lake uranium project in Saskatchewan.
To acquire 100% of the Moore Lake project, Skyharbour willissue 18 million shares, make staged payments of C$500,000 and spend C$3.5million on exploring the property over five overs.
Denison President and CEO David Cates will join Skyharbour'sboard following the share issue, after which Denison will own about 18.7% ofSkyharbour.
The Moore Lake uranium project consists of 12 contiguousclaims totaling 35,705 hectares located 42 kilometers northeast of the Key Lakemill and about 20 kilometers east of Denison's Wheeler River project.
Moore Lake hosts a high-grade uranium pod called theMaverick Zone and Skyharbour plans to complete additional infill andexploratory drilling on the Maverick Zone as well as on other high-prioritytarget areas on the property.
In addition, Skyharbour plans to undergo 4-for-1 shareconsolidation to reduce the issued and outstanding shares of the company to about22,260,890 shares from 89,043,594 shares currently.
The company has also arranged a private placement to raiseup to about C$2 million for exploration and general working capital purposes.
The company is offering 13 million units at 15 Canadiancents each. Each unit consists of 1 common share and 1 common share purchasewarrant, exercisable at 27 cents in five years.