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NEW YORK - Metals One Plc (AIM:MET1) has acquired a 10% interest in NovaCore Exploration Inc., a private U.S. company developing the Red Basin Uranium Project in New Mexico, according to a press release statement issued Friday.
The acquisition, valued at $300,000, includes warrants that could allow Metals One to increase its ownership to 30%. This marks the company’s third uranium exploration asset in the United States, adding to its existing projects in Wyoming and Colorado.
The Red Basin Uranium Project spans approximately 15,000 acres near Pie Town in New Mexico’s Datil Mountains - Red Basin uranium belt. Historical U.S. Department of Energy assessments and recent radiometric surveys suggest the area may contain up to 40 million pounds of U₃O₈, according to the company.
NovaCore has completed land staking, radiometric and geophysical surveys, and is working on permitting and environmental studies. Initial drilling is planned for late 2025.
Under the agreement, Metals One has acquired 511,476 new ordinary shares in NovaCore at $0.587 per share. The company also received two tranches of warrants to potentially acquire an additional 20% stake, with the first tranche expiring September 30, 2025, and the second on November 30, 2025.
Separately, Metals One announced it will issue 15 million ordinary shares to its Employee Benefits Trust at £0.001 per share, representing about 5% of the company’s current issued share capital. The company has also received notice of warrant exercises over 19.45 million ordinary shares at 2 pence per share and 34.25 million pre-paid warrants.
Following these share issuances, Metals One’s issued share capital will consist of 368,147,750 ordinary shares with voting rights.
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