VANCOUVER, British Columbia, Nov. 28, 2024 (GLOBE NEWSWIRE) — Stallion Corp. (the Company, the Optionor or Stallion Uranium) (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) announces that, further to its news releases dated October 9, 2024, October 30, 2024 and November 8, 2024, the Company has received prior acceptance from the TSX Venture Exchange (the Exchange) of the definitive option agreement (the Option Agreement) with 1503571 B.C. Ltd. (the Optionee), an arm’s-length party, on revised terms pursuant to which the Company has granted the Optionee the option to acquire a 100% interest (the Option) in its Horse Heaven Gold and Antimony project consisting of 699 mineral claims covering 5,817 ha located in Idaho, United States (the Property).
Pursuant to the terms of the Option Agreement, the Optionee may acquire 100% of the issued and outstanding common shares (the Horse Heaven Parent Shares) of 1262446 B.C. Ltd. (Horse Heaven Parent), a wholly owned subsidiary of the Optionor, which holds an undivided 100% legal and beneficial interest in the Property, in consideration of the following to the Optionor:
- $200,000 in cash on the signing of the binding letter of intent (paid on October 9, 2024);
- $200,000 in cash on the effective date of the Option Agreement (paid on November 18, 2024);
- $2,000,000 in common shares of the Optionee at a deemed price of $0.18 per share on the effective date of the Option Agreement (issued on November 8, 2024); and
- $200,000 in cash on the first anniversary of the effective date of the Option Agreement.
During the option period, the Optionee will be the operator of the Property. The Optionor is not required to incur any exploration expenditures to advance the Property. The Property has three separate existing royalties on the Property that will continue with the Property. The Option remains subject to final acceptance by the Exchange.
Management Update
The Company also announces the resignation of William Breen, President and VP of Exploration US. Mr. Breen’s resignation is in connection with the Company’s divestiture of its US exploration assets.
On behalf of the Company I want to thank Mr. Breen for his many contributions during his time at the Company and we wish him all the best in his future endeavors, stated Drew Zimmerman, CEO.
About Stallion Uranium
Stallion Uranium is working to ˜Fuel the Future with Uranium’ through the exploration of roughly 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits…
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