- Okapi Resources (OKR) signs a binding agreement to acquire Tallahassee Resources and gain access to its uranium projects in the US
- Okapi believes this represents a transformational opportunity to become a significant uranium developer and capitalise on the growing uranium market
- Subject to shareholder approval, Okapi will issue the vendors 33.5 million shares and 16.75 million unlisted options exercisable at 30 cents which will expire two years from the issue date
- To support the acquisition costs and planned exploration, Okapi is looking to raise $2.84 million through a placement to sophisticated and professional investors
- Company shares are up 40.9 per cent on the back of this news to trade at 31 cents at 2:15 pm AEST
Okapi Resources (OKR) has signed a binding agreement to acquire Tallahassee Resources.
Tallahassee owns a 100 per cent interest in the Tallahassee Uranium Project which covers a 7500-acre area in Colorado, US. It also has an option to acquire 100 per cent of the Rattler Uranium Project, including the historical and high-grade Rattlesnake open pit mine in north-eastern Utah.
Okapi considers the acquisition to be strategic in gaining access to several large, high-grade uranium projects. It also aligns with the company’s goal to capitalise on the growing demand for uranium and become a new leader in North American carbon-free nuclear energy.
Company Executive Director, David Nour, was pleased to have inked this agreement.
“This is a transformational opportunity for Okapi to become one of the most prominent uranium developers in the world. Through this acquisition, Okapi is perfectly placed to capitalise on the strengthening uranium market.”
Subject to shareholder approval, Okapi will issue the vendors (being Tallahassee and its shareholders and option holders), 33.5 million shares and 16.75 million unlisted options exercisable at 30 cents which will expire two years from the issue date.
A further four tranches of three million shares each may be issued to the vendors once certain milestones are achieved within three years of the acquisition being completed.
These milestones include Okapi completing a 10,000-metre maiden drilling program at the Tallahassee Project, announcing a maiden and updated JORC inferred resource for the Tallahassee Project and completing a positive scoping
study which will allow the company to progress to the next stage of development.
In addition to the acquisition, Okapi Resources has launched a placement to raise $2.84 million.
The company will issue 14.2 million shares to sophisticated and professional investors at 20 cents per share. The placement comes with 14.2 million free-attaching unlisted options exercisable at 30 cents each on a one-for-one basis.
Okapi will use the money to cover the acquisition costs, for exploration and for general working capital.
Company shares were up 40.9 per cent on the back of this news to trade at 31 cents at 2:15 pm AEST.