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Canalaska Uranium surges on Northern Uranium joint venture decision

Last updated: 15:32 09 Nov 2017 EST, First published: 10:32 09 Nov 2017 EST

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Northern Uranium has decided to form the joint venture at 70%/30%.

Canalaska Uranium Ltd (CVE:CVV) shares soared as it revealed that Northern Uranium Corp plans to form a 70:30 joint venture with the firm on the northwest Manitoba property.

Under the previous option deal, Northern Uranium was required to spend $6mln and issue 7mln shares and 3.5 million warrants to Canalaska to gain 70%.

So far Northern has allocated expenditures totalling over $8.68mln to the project, and issued all required shares and warrants  -  all warrants have now expired unexercised.

Northern Uranium had the right to acquire 80%, which it did decide to go for in 2015, via a further $5.6mln in expenditures and further issuances of shares and warrants to Canalaska.

It issued a further 5mln shares and 2.5 million warrants exercisable at five cents for a term expiring September 15, 2018.

But now management has elected not to proceed further and has decided to form the joint venture at 70% and 30%.

It is currently working on finalizing the  joint venture, as well as exploring other options for the property and the company.

Canalaska Uranium shares added 14.81% in Toronto to C$0.31.

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