Rose Petroleum Agrees US Database Deal, In Talks For Utah Project Sale
Date: Nov 28, 2018
Rose Petroleum PLC on Tuesday said a five-year database access deal has been agreed with enCore Energy Corp and announced it is in talks to sell its North Wash vanadium project in Utah.
Shares in the natural resources business were up 2.4% at 2.36 pence on Tuesday.
Rose’s wholly owned subsidiary, Vane Minerals LLC, will provide exclusive access to its US uranium exploration project database for an initial term of five years.
This database consists of various kinds of data on the uranium breccia pipe district of northern Arizona, including aerial photography and drill results.
In return, enCore will issue 3.0 million of its own shares. These have an approximate value of USD300,000 and represent approximately 2.1% of enCore’s existing share capital which Rose can dispose of after a four-month lock-up.
enCore will then, as its own expense, use the database to generate and develop prospects in Arizona.
Should any of these reach the development stage, enCore will grant “a one-off opportunity to participate in these projects”, with Rose holding a maximum 25% interest in said projects at its own discretion.
