CanAlaska Uranium Ltd. agreed to buy the past-producing Manibridge nickel mine in Manitoba from Pure Nickel Inc., according to a March 25 release.
Consideration comprises C$25,000, 300,000 shares and 100,000 warrants exercisable within two years at 28 Canadian cents per share.
The 270-hectare claims, called Ore 5 and Ore 6, are subject to retained interests held by Glencore Canada Corp. as part of a 2007 deal with Pure Nickel.
Under the agreement, Glencore has a right to buy back a 50% stake upon the discovery of at least 15 million tonnes of resources. The company also has a 2% net smelter royalty as well as off-take and marketing rights for all concentrate or product produced.