Oklo Uranium Ltd
(ASX:OKU) will acquire a 70% stake in a uranium project in the African nation of Namibia in a deal worth $20 million.
Under the agreement, the resources company will acquire the interest via a cash and share transaction from Africa Uranium Ltd, in which fellow explorer Cape Lambert Resources holds an interest.
Following the transaction, Cape Lambert will emerge as a major shareholder of Oklo.
The acquisition is to be made up of 309 million Oklo shares, valued at $17 million, and $3 million cash.
Oklo will undertake a capital raising for the outstanding cash portion of the deal.
The Hoasib Uranium Project in Namibia is located near the Langer Heinrich Uranium Mine owned by Paladin Resources Ltd.
Oklo will undertake an exploration and drilling program with the aim of identifying a major new uranium resource.
The deal is subject to approval by Oklo’s shareholders.
Oklo Uranium posted a loss of $3.54 million in fiscal 2009.
