VANCOUVER, British Columbia, Nov. 28, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the “Company”, the “Optionor” or “Stallion Uranium”) (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) announces that, further to its news releases dated October 9, 2024, October 30, 2024 and November 8, 2024, the Company has received prior acceptance from the TSX Venture Exchange (the “Exchange”) of the definitive option agreement (the “Option Agreement”) with 1503571 B.C. Ltd. (the “Optionee”), an arm’s-length party, on revised terms pursuant to which the Company has granted the Optionee the option to acquire a 100% interest (the “Option”) in its Horse Heaven Gold and Antimony project consisting of 699 mineral claims covering 5,817 ha located in Idaho, United States (the “Property”).
Pursuant to the terms of the Option Agreement, the Optionee may acquire 100% of the issued and outstanding common shares (the “Horse Heaven Parent Shares”) of 1262446 B.C. Ltd. (“Horse Heaven Parent”), a wholly owned subsidiary of the Optionor, which holds an undivided 100% legal and beneficial interest in the Property, in consideration of the following to the Optionor:
- $200,000 in cash on the signing of the binding letter of intent (paid on October 9, 2024);
- $200,000 in cash on the effective date of the Option Agreement (paid on November 18, 2024);
- $2,000,000 in common shares of the Optionee at a deemed price of $0.18 per share on the effective date of the Option Agreement (issued on November 8, 2024); and
- $200,000 in cash on the first anniversary of the effective date of the Option Agreement.
During the option period, the Optionee will be the operator of the Property. The Optionor is not required to incur any exploration expenditures to advance the Property. The Property has three separate existing royalties on the Property that will continue with the Property. The Option remains subject to final acceptance by the Exchange.
Management Update
The Company also announces the resignation of William Breen, President and VP of Exploration US. Mr. Breen’s resignation is in connection with the Company’s divestiture of its US exploration assets.
“On behalf of the Company I want to thank Mr. Breen for his many contributions during his time at the Company and we wish him all the best in his future endeavors,” stated Drew Zimmerman, CEO.
About Stallion Uranium
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of roughly 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with the Horse Heaven gold project in Idaho that neighbours the world class Stibnite Gold deposit held by Perpetua Resources, offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “expects”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, exercise of the Option and the receipt of final approval from the Exchange.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Company will not receive Exchange acceptance and that the Option will not be exercised. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive Exchange acceptance and that the Option will be exercised.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
