Mesa Uranium Corp.: Completion of Acquisition of Uranium Assets.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Mesa Uranium Corp. (formerly Fintry Enterprises Inc.) (the "Company") (NEX NEX abbr. Navy exchange BOARD:FEI FEI Fédération Équestre Internationale. .H) is pleased to report that the acquisition of BZU BZU Birzeit University (Palestine) BZU Buta, Zaire (airport code) BZU Bahaudin Zakariya University (Multan, Pakistan) Minerals Ltd. ("BZU") has now closed. The Company has completed a 2:1 share consolidation and issued the following securities to acquire BZU (all numbers post-consolidation): 6,000,000 common shares and 4,000,000 special warrants exercisable to acquire common shares on a one-for-one basis for no additional consideration for a period of 10 years. Of these securities, 8,700,000 are subject to escrow restrictions in accordance with the rules of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . Concurrent with the closing, the Company has also issued 2,014,826 common shares in connection with a debt settlement with existing creditors of $1,611,861 at a deemed price of $0.80 per share. These securities are subject to a four-month hold period expiring April 22, 2006. In addition, the Company has completed a concurrent private placement raising gross proceeds of $2,959,500 by the issuance of 5,919,000 units at $0.50 per unit. Each unit consists of one common share and one transferable share purchase warrant. Each warrant is exercisable to acquire one common share at a price of $0.75 per share until December 21, 2007. Subject to regulatory approval, the warrants are expected to be listed for trading on the TSX Venture Exchange on April 22, 2006. The Company also issued 591,900 agent's warrants to Canaccord Capital Corporation exercisable to purchase 591,900 common shares of the Company at a price of $0.75 per share until December 21, 2007 and 250,000 units as a corporate finance fee having the same terms as the above units. All of these securities are subject to a four-month hold period expiring April 22, 2006. As a result of the acquisition, the Company is now involved in the acquisition and exploration of mineral properties in the Lisbon Valley Mining District in Utah, USA, a substantial 20th century Uranium producing district. Completion of the acquisition has also resulted in the reconstitution of the Company's management and board of directors as follows: Brian Kirwin, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Director, Giulio Bonifacio, Executive VP, CFO See Chief Financial Officer. and Director, Foster Wilson, Director, Greg Andrews, Director and Joe Chan, Vice-President, Controller. The shares of the Company are expected to commence trading on Tier 2 of the TSX Venture Exchange under the trading symbol Trading symbol See: Ticker symbol MZU on December 23, 2005. The Lisbon Valley uranium mining district is located in the Colorado Plateau region, 30 miles south of Moab, Utah in San Juan County San Juan County is the name of four counties in the United States:
ar·cu·ate adj. Formed in the shape of an arc. belt 16 miles long by 1/2 mile wide along the southwestern flank of the Lisbon Valley anticline anticline: see fold. . All of the major ore bodies did not outcrop and were discovered by exploration drilling, the most famous being the Mi Vida mine discovered by Charlie Steen in 1952. The Lisbon Valley district accounted for over 80% of the uranium mined in the state of Utah and had some of the highest uranium grades in the United States averaging 0.4 percent uranium. The principal target area is the northeast flank of the Lisbon Valley anticline that has been downthrown by the Lisbon Valley fault. Immediately adjacent to the Property is the Lisbon mine that was the largest deposit in the district, producing over 18 million pounds of uranium from the downthrown flank of the anticline. The deposit was discovered in 1968 by wild cat drilling and was mined by Rio Algom for 16 years beginning in 1972. With the exception of the discovery of the Lisbon mine, the downthrown flank remains virtually unexplored. The Company controls approximately 13 miles of the northeast flank of the Lisbon Valley anticline and is currently permitting a drilling program. The project area is fully described in a current National Instrument 43-101 compliant report available for examination on www.sedar.com. Please visit our new website www.mesa-uranium.com. ON BEHALF OF THE BOARD MESA URANIUM CORP. Brian Kirwin, CEO The TSX Venture Exchange has neither approved nor disapproved of t he contents of this news release. Mesa Uranium Corp. (NEX BOARD:FEI.H) |
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