Mining
Tuesday, September 3rd, 2024 1:55 pm EDT
Key Points
- Amendment to Option Agreement: Tisdale Clean Energy Corp. has amended its option agreement with Skyharbour Resources, allowing Tisdale to earn up to a 75% interest in the South Falcon East uranium project. The amendment extends cash and work commitments into 2025.
- Financial and Share Commitments: Under the amended agreement, Tisdale is required to issue 2,500,000 common shares to Skyharbour by August 30, 2024, and pay $1,270,000 CDN by February 28, 2025. Additionally, Tisdale must incur at least $2,500,000 CDN in expenditures at the South Falcon East project by May 31, 2025.
- Strategic Flexibility: The amendment provides Tisdale with greater flexibility to navigate challenging market conditions, helping the company maintain its option in good standing and position itself to benefit from a potentially stronger market in the near future.
Vancouver B.C., September 3, 2024 – TheNewswire – TISDALE CLEAN ENERGY CORP. (“Tisdale” or the “Company”) (CSE: TCEC, OTCQB:TCEFF, FSE: T1KC),is pleased to announce that it has reached an agreement to amend the Company’s current option agreement with Skyharbour Resources Ltd. (“Skyharbour”) whereby Tisdale can earn up to a 75% interest in the South Falcon East uranium project, Athabasca Basin, Saskatchewan, Canada.
The amendment extends cash and work commitments for the project for the remainder of 2024 into 2025. The amended agreement requires the Company to issue 2,500,000 common shares to Skyharbour on or before August 30, 2024, and to pay Skyharbour $1,270,000 CDN, on or before February 28, 2025, of which up to $820,000 CDN may be paid in common shares, based on the VWAP calculated on the day of issuance, at the election of Tisdale. To maintain the option in good standing, Tisdale is also required to incur expenditures of at least $2,500,000 CDN at South Falcon East on or before May 31, 2025.
“This amendment allows us much needed flexibility to navigate what has been a tough cycle for juniors in which to raise significant capital,” said Alex Klenman, CEO of Tisdale. “We are grateful for Skyharbour’s flexibility and to providing a more favorable path for us to acquire the majority interest in what we agree is a unique and compelling opportunity. We believe the sector is poised for the next leg up, and we’re looking forward to being in a position to benefit from a more robust market in the months ahead,” continued Mr. Klenman.
All securities issuable to Skyharbour pursuant to the option agreement will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
About Tisdale Clean Energy Corp.
Tisdale Clean Energy is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project located in the Athabasca Basin region, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF TISDALE CLEAN ENERGY CORP.
“Alex Klenman”
Alex Klenman, CEO
For further information please contact:
Alex Klenman, CEO
Tel: 604-970-4330
Tisdale Clean Energy Corp
Suite 2200, RBC Place, 885 West Georgia St.
Vancouver, BC, V6C 3E8, Canada
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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