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TNT Mines (ASX:TIN) - Executive Director, Brett Mitchell
Executive Director, Brett Mitchell
Source: Chieftain Securities
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  • TNT Mines (TIN) has completed the acquisition of the East Canyon Uranium Vanadium Project with some changes to the consideration terms
  • Last month the company announced it intended to buy Vanacorp, its U.S. subsidiary and, with it, the project in Utah
  • The acquisition has now been approved by the ASX with minor amendments to the previously announced terms
  • The revised consideration comprises 3.5 million shares upon settlement, 1.75 million performance rights and a two per cent smelter return royalty
  • Additionally, TNT Mines has appointed Vanacorp founder Peter Woods to the board as a non-executive director and director Michael Jardine has resigned
  • TNT Mines shares are trading 3.3 per cent higher for 15.5 cents each

TNT Mines (TIN) has completed the acquisition of the East Canyon Uranium Vanadium Project with some changes to the consideration terms.

Last month, the company announced its intention to buy Vanacorp Aust, its U.S. subsidiary Vanacorp USA, and with it, the East Canyon Project in Utah.

The acquisition has now been approved by the ASX with minor amendments to the previously announced consideration terms.

The revised consideration comprises 3.5 million shares upon settlement, 1.75 million performance rights — subject to shareholder approval — and a two per cent smelter return royalty.

Given shareholder approval, the performance rights will vest upon a JORC-compliant resource based on drill holes intersecting either a minimum of one metre of an ore greater than or equal to 0.2 per cent triuranium oxtoxide. Alterenatively, at least two metres of an ore greater than or equal to 0.1 per cent triuranium oxtoxide must be intersected on any of the 200 claims which comprise the East Canyon Project.

Additionally, TNT Mines has appointed Vanacorp founder Peter Woods to the board as a non-executive director.

Michael Jardine has resigned from his position as a director and TNT Mines has thanked him for his service since he joined in 2017.

TNT Mines shares are trading 3.3 per cent higher for 15.5 cents each at 11:20 am AEST.

TIN by the numbers
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