Niger's Tim Mersoi Basin is
among the largest uranium provinces in the world. Historic and
current uranium production ranks among the top ten uranium
producing countries in 2024. Ouricha-3 (494 km2) is
located 35 km northwest of DASA, Africa's highest grade uranium deposit and 20
km south of Imouraren, one of world's largest uranium
reserves.
NIAMEY, Nijer, July 8, 2024
/PRNewswire/ -- African Discovery Group (AFDG) has signed a letter
of intent to acquire the license of Central Global Access
International Niger, a Niger based
company in a stock-based transaction creating a Uranium exploration
company, with a focus on creating value around Africa's under explored basins of Uranium.
After close of the transaction, AFDG will dedicate itself to
uranium exploration going forward on the African continent. By
working in concert with the government of Niger, African Uranium will create local
skills to develop the highly promising nuclear industry on the
continent. In 2022, Africa
produced approximately 16% of world uranium production according to
the World Nuclear Association (WNA).
Transaction details
As part of the Transaction, AFDG is expected to issue shares to
the permit holder and existing operating team. The transaction is
expected to result in the existing AFDG shareholders retaining the
majority ownership of the company. The government of the Republic
of Niger is expected to retain a
working interest in the operations of the Niger license after cost recovery. The
Transaction is expected to close in 4Q2024, subject to shareholder
approval, customary due diligence and documentation. It is expected
that the company will change its name to African Uranium in
conjunction with the closing. In conjunction with the closing AFDG
intends to hire a Chief Executive Officer with extensive geological
experience in uranium exploration in West
Africa, with the existing exploration team expected to
retain their current roles. Click here to continue reading full
article:
https://docs.google.com/document/d/1w2YYTKihQzbz5lLzgu8qgkcWSjnIzi_u/edit?usp=sharing&ouid=114985394262451163794&rtpof=true&sd=true
Contact: ak@africandiscoverygroup.com
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SOURCE African Food Security LLC