Blue Sky Uranium Initiates Earn-In Agreement to Develop Ivana Uranium Deposit in Argentina
Blue Sky Uranium Corp., listed as TSXV: BSK and prominent in uranium exploration in Argentina, has recently taken a significant step to enhance its market position. The company has entered into a definitive earn-in agreement with Abatare Spain, S.L.U. and ACI Capital S.à r.l (referred to as COAM) as of November 29, 2024. This agreement offers COAM exclusive rights to acquire up to an 80% indirect stake in the Ivana Uranium-Vanadium Deposit situated in the Province of Rio Negro, Argentina.
Under the terms established in this landmark agreement, COAM can secure an initial 49.9% stake by financing cumulative expenditures amounting to $35 million. Following this, upon successfully completing a feasibility study, COAM is entitled to obtain the right to increase its ownership to 80%, provided it funds the necessary expenses to bring the project to commercial production.
Nikolaos Cacos, President and CEO of Blue Sky, expressed optimism about this strategic agreement, highlighting its potential benefits for the company and its shareholders. Notably, Blue Sky aims to collaborate with Corporación América Group, a significant player in the energy sector across Latin America.
The earn-in agreement sets forth specific milestones and financial contributions that COAM must fulfill to exercise its rights fully. Among these, a requirement to make substantial capital contributions within a defined period has been established. Additionally, there’s a strong emphasis on governance and operational management concerning the Joint Venture Company (JVCO), which was formed to manage the Ivana deposit. A shareholders’ agreement will be executed to oversee the relationship between the involved parties in regards to the exploration and development of the property.
COAM’s involvement is particularly promising, given its substantial background in energy projects and its connections within the Corporación América Group. The group boasts diverse investments in energy, infrastructure, agribusiness, and technology, showcasing a robust capacity to advance projects effectively.
The successful completion of this transaction is contingent upon several conditions, including regulatory approvals and the transfer of shares within a stipulated timeline. Key dates, such as a proposed special shareholders’ meeting set for February 2025, will address the necessary approvals and outline the subsequent steps.
Blue Sky is committed to executing this venture while ensuring compliance with environmental standards and maintaining positive relationships with local communities. The company has outlined a dual strategy: advancing the Ivana deposit while simultaneously exploring additional prospects in its portfolio, all with the objective of increasing mineral resources and shareholder value.
This agreement not only positions Blue Sky Uranium at the forefront of uranium exploration but also leverages the expertise of Corporación América, fostering a cooperative approach that may yield significant returns in the competitive energy market.
As the situation progresses toward initial closings in February 2025, the market will be keenly observing the developments around this transaction, signaling a potentially impactful shift for Blue Sky Uranium in the dynamic landscape of resource management and energy production.
With this initiative, Blue Sky looks to solidify its reputation as a leader in uranium discovery in Argentina, contributing to the growth of both the local economy and its shareholders’ interests.
Under the terms established in this landmark agreement, COAM can secure an initial 49.9% stake by financing cumulative expenditures amounting to $35 million. Following this, upon successfully completing a feasibility study, COAM is entitled to obtain the right to increase its ownership to 80%, provided it funds the necessary expenses to bring the project to commercial production.
Nikolaos Cacos, President and CEO of Blue Sky, expressed optimism about this strategic agreement, highlighting its potential benefits for the company and its shareholders. Notably, Blue Sky aims to collaborate with Corporación América Group, a significant player in the energy sector across Latin America.
The earn-in agreement sets forth specific milestones and financial contributions that COAM must fulfill to exercise its rights fully. Among these, a requirement to make substantial capital contributions within a defined period has been established. Additionally, there’s a strong emphasis on governance and operational management concerning the Joint Venture Company (JVCO), which was formed to manage the Ivana deposit. A shareholders’ agreement will be executed to oversee the relationship between the involved parties in regards to the exploration and development of the property.
COAM’s involvement is particularly promising, given its substantial background in energy projects and its connections within the Corporación América Group. The group boasts diverse investments in energy, infrastructure, agribusiness, and technology, showcasing a robust capacity to advance projects effectively.
The successful completion of this transaction is contingent upon several conditions, including regulatory approvals and the transfer of shares within a stipulated timeline. Key dates, such as a proposed special shareholders’ meeting set for February 2025, will address the necessary approvals and outline the subsequent steps.
Blue Sky is committed to executing this venture while ensuring compliance with environmental standards and maintaining positive relationships with local communities. The company has outlined a dual strategy: advancing the Ivana deposit while simultaneously exploring additional prospects in its portfolio, all with the objective of increasing mineral resources and shareholder value.
This agreement not only positions Blue Sky Uranium at the forefront of uranium exploration but also leverages the expertise of Corporación América, fostering a cooperative approach that may yield significant returns in the competitive energy market.
As the situation progresses toward initial closings in February 2025, the market will be keenly observing the developments around this transaction, signaling a potentially impactful shift for Blue Sky Uranium in the dynamic landscape of resource management and energy production.
With this initiative, Blue Sky looks to solidify its reputation as a leader in uranium discovery in Argentina, contributing to the growth of both the local economy and its shareholders’ interests.
Topics Energy）
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