Canadian Mining Journal

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ACQUISITION – Cameco buys into exploration company

SASKATOON - CAMECO CORPORATION has purchased a 19.5% share of UNOR (formerly Hornby Bay Exploration), a uranium hun...


SASKATOON – CAMECO CORPORATION has purchased a 19.5% share of UNOR (formerly Hornby Bay Exploration), a uranium hunter with properties on the Hornby Basin in northwestern Nunavut. Cameco purchased 22.9 million common shares of UNOR through a private placement.

To reflect their new alliance, the two companies completed a participation agreement. As long as Cameco holds 10% of UNOR’s outstanding common shares, it will have the right to nominate one person to UNOR’s board of directors, and UNOR will consult with Cameco on its exploration and development programs. As long as Cameco continues to hold 16% of UNOR, it will have the right to participate in any future equity issues, match equity or debt required for mine development, operate any mine developed on UNOR’s properties and market any uranium produced. Finally, Cameco and UNOR each have right of first refusal on each other’s uranium projects in a specified area of Nunavut and the Northwest Territories.

Learn more at www.UNORinc.com.


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