North Shore Uranium Ltd (“North Shore”) (TSX-V: NRU), a junior resources company, is pleased to announce that it has successfully completed its Qualifying Transaction (“QT”).
North Shore is a newly created company that was formed in 2020 after North West Capital & Credit Corporation’s (NWCCC) acquisition of the previously inactive public corporation. Clover Leaf Capital Corp (“Clover Leaf”).
As part of the QT, North Shore is now in the process of transitioning from an inactive public corporation into a working mining company by acquiring the Clover Leaf properties. These properties include two significant uranium projects in Saskatchewan and Ontario.
The Clover Leaf properties are situated in the world-recognized Athabasca Uranium Basin. They include the Largo Lake property in Saskatchewan, which has a substantial high-grade core zone and an adjacent 40-kilometer land position that contains multiple additional zones of interest. The project area spans more than 75,000 hectares.
The second property, the Dovetail Lake Project, is located in the prolific Abitibi Greenstone Belt of Ontario. Recently, North Shore has added further uranium-bearing targets to its portfolio by staking an additional 15,000 hectares to the North Shore portfolio.
The transaction was completed after North Shore conducted its private placement to raise more than C$2.3 million in funds. The private placement is now closed.
North Shore Chairman & CEO, Mr. Travis Bigley, stated his enthusiasm and optimism for North Shore’s immediate future: “The completion of the Qualifying Transaction marks an important milestone for North Shore and its shareholders. With the Clover Leaf acquisition, North Shore is well-positioned to capitalize on the growth of the uranium industry and become a major player in the field.”
The strategic decision to create North Shore has been well-timed as interest in the uranium sector is slowly increasing with a number of large players vying for positions. Currently, the uranium price index has more than doubled in the past 16 months, putting the metal in a favorable pricing environment.
With the continued support of its shareholders, North Shore is confident that it will become a major player in the uranium sector, and is looking forward to a very active 2021.
References
1. https://godzillanewz.com/north-shore-uranium-ltd-formerly-clover-leaf-capital-corp-announces-closing-of-qualifying-transaction/
2. https://www.uraniumspot.com/uranium-field-overview/
3. https://www.lombardoresearch.com/uranium-market-update-post-urex/