Elevate Uranium Agrees to Boost Namibia Uranium Project Stake to 90%
Elevate Uranium (ASX:EL8) entered into two separate agreements to acquire a further 15% of the Marenica uranium project in Namibia, raising its stake to 90%, according to a Monday Australian bourse filing.The company said it agreed to acquire 15% of the issued capital of Marenica Minerals, which owns the project, from existing shareholders Millenium Minerals and Xanthos Mining. It will pay Xanthos AU$1.1 million in cash and issue AU$2.2 million worth of its shares.The company will also release Millenium from an existing debt of AU$3.4 million arising from Millenium's original acquisition of the 5% stake in Marenica Minerals, per the filing.The company said the agreements are expected to be completed before the end of July, adding that its attributable share of Marenica's mineral resource will increase to 47.5 million pounds of triuranium octoxide.