CanAlaska Sells Titan Uranium Project to Cosa Resources Transaction for $10,000 cash and 300,000 shares of Cosa Management Attending Vancouver Resource Investment Conference
CanAlaska Sells Titan Uranium Project to
Cosa Resources
Transaction for $10,000 cash and 300,000 shares of Cosa
Management Attending Vancouver Resource Investment Conference
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2024) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQX: CVVUF) (FSE:
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").
Figure 1 – Titan Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/194524_canalaskafigure1.jpg
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").
Other News
The Company's management team will be attending the Vancouver Resource Investment Conference
("VRIC") on January 21
st
and 22
nd
in Vancouver, BC and will have representatives at booth #635.
VRIC
- 2024
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium."
CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is
currently working with Cameco and Denison at two of the Company's properties in the Eastern
Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's
richest uranium district. The Company also holds properties prospective for nickel, copper, gold and
diamonds. For further information visit
www.canalaska.com
.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for
this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium
Ltd., who has reviewed and approved its contents.
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:
General Enquiry
Tel: +1.604.688.3211
Email:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the future are forward-looking
statements.
These forward-looking statements involve numerous assumptions made by the Company
based on its experience, perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the circumstances. In addition, these
statements involve substantial known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other forward-looking statements will prove
inaccurate, certain of which are beyond the Company's control.
Readers should not place undue
reliance on forward-looking statements.
Except as required by law, the Company does not intend to
revise or update these forward-looking statements after the date hereof or revise them to reflect the
occurrence of future unanticipated events.
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https://www.newsfilecorp.com/release/194524