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CanAlaska Sells Titan Uranium Project to Cosa Resources

Press Release

January 17, 2024

  • Transaction for $10,000 cash and 300,000 shares of Cosa
  • Management Attending Vancouver Resource Investment Conference

Vancouver, Canada – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) (“CanAlaska” or the “Company”) is pleased to announce it has entered into a property purchase agreement (the “Purchase Agreement”) with Cosa Resources Corp. (“Cosa”) dated January 12, 2024 for the sale of the Titan Project (the “Project”) in the Athabasca Basin, Saskatchewan (Figure 1). Pursuant to the Purchase Agreement, CanAlaska has agreed to sell its 100% ownership in eight mineral claims comprising the Titan Project to Cosa in consideration for $10,000 in cash and the issuance of 300,000 common shares of Cosa (the “Consideration Shares”).

CanAlaska CEO, Cory Belyk, comments, “CanAlaska’s project generator business is at work. A few months earlier the team noticed an underexplored trend within the Athabasca Basin and was able to successfully stake the Titan Project. This deal returns more than the staking cost to CanAlaska and provides value upside with exposure to a highly successful exploration team through ownership of Cosa shares in a very strong uranium market. The CanAlaska and Cosa teams did an excellent job realizing quick value through identification of the appropriate transaction partnership.”

Purchase Agreement Details

Pursuant to the Purchase Agreement, CanAlaska has agreed to sell its 100% ownership in all eight mineral claims comprising Titan in consideration for $10,000 in cash and 300,000 Consideration Shares. The Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws.  In addition, CanAlaska has agreed to voluntary resale restrictions whereby 25% of the Consideration Shares will become free trading on the date that is four-months and one day after their date of issuance and an additional 25% of the Consideration Shares will become free trading every three months thereafter. The transaction is subject to standard closing conditions, including the approval of the TSX Venture Exchange (the “TSXV”).

On behalf of the Board of Directors

“Cory Belyk”

Cory Belyk, P.Geo., FGC

CEO, President and Director

CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com

General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com

IBF4

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