Corporate News Blog - NexGen Energy Gets 100% Ownership of Dufferin Lake Property with Acquisition of Remaining 40% Stake from Vendors
LONDON, UK / ACCESSWIRE / September 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for NexGen Energy Ltd (NYSE: NXE), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=NXE. The Company announced on September 11, 2017, that it has acquired the balance 40% stake in Dufferin Lake property from its vendors Rainmaker Resources Ltd. and Eagle Trail Properties Inc. via a purchase agreement. The Company already owns a majority stake of 60% in the said property. With the acquisition of the remaining 40% stake, NexGen Energy now has complete ownership of the Dufferin Lake property. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Details of the transaction
In August 2011, NexGen Energy had acquired controlling stake of 60% in Dufferin Lake property from the two vendors - Rainmaker Resources and Eagle Trail Properties - via a mineral claim option agreement. After that transaction, both vendors held on to the balance 40% stake with Rainmaker owning 10% stake and Eagle Trail owning 30% stake in the said property.
NexGen Energy has agreed to pay both vendors its common stock against their ownership stake in the property. NexGen Energy has also agreed to issue 27,777 of its shares to Rainmaker and 83,333 of its shares to Eagle Trail. The purchase price for the shares has been fixed at $2.88 for each NexGen Energy's share which values the transaction at approximately $320,000. The purchase price of NexGen Energy's share has been arrived at after taking into consideration the volume weighted average trading price of the common shares of the Company on the Toronto Stock Exchange in the last 10 days before the Company signed the purchase agreement with the vendors.
As per terms of the purchase agreement, both vendors will have to hold the shares for a period of four months and one day from the date of closing the transaction. The transaction is expected to close on or around September 18, 2017, and is subject to approval from Toronto Stock Exchange (TSE) and New York Stock Exchange (NYSE) and other closing conditions.
About Dufferin Lake Property
The Dufferin Lake Property is located approximately 360 kilometers northwest from the town of La Ronge, Saskatchewan, Canada and straddles the central south edge of the Athabasca Basin, Northern Saskatchewan. The property consists of five contiguous mineral dispositions covering an area of 10,910 hectares.
About NexGen Energy Ltd
Vancouver, British Columbia, Canada based NexGen Energy is an exploration and development Company focused on the acquisition, exploration and development of Canadian uranium projects. The Company is led by a team of experienced uranium industry professionals with expertise in exploration, corporate finance, and mine development. The portfolio of prospective uranium exploration assets owned by the Company in the Athabasca Basin, Saskatchewan, Canada, include 100% interest in Rook I, the location of the Arrow discovery in February 2014, Bow Discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South Discovery in July 2017.
Last Close Stock Review
On Tuesday, September 12, 2017, the stock closed the trading session at $2.42, slightly falling 0.82% from its previous closing price of $2.44. A total volume of 86.22 thousand shares have exchanged hands. NexGen Energy's stock price skyrocketed 9.50% in the last one month, 8.04% in the past three months, and 47.47% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 40.62%. The stock currently has a market cap of $748.66 million.
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