(Kaieteur News) – U92 Energy Corp. has received TSX Venture Exchange approval and has closed the agreement to acquire the complete historical technical and exploration dataset for its Kurupung Uranium Project – the only uranium project in Guyana.

On 1st June, the company announced that it entered into a binding Asset Purchase Agreement to acquire the dataset for the project. The CA$500,000 (US$352,500/GYD$73.7 million) transaction will see U92 issue common shares in exchange for ownership of the dataset. In a recent update, the company disclosed that pursuant to the agreement being closed, it issued 1,030,927 common shares of a deemed price of $0.485 per share to the “arm’s-length vendor”. However, it was noted that the shares are subject to a statutory four-month hold period in accordance with applicable Canadian securities laws.

Adam Clode, Executive Chairman and Chief Executive Officer (CEO) of U92, stated, “Securing ownership of exploration work completed over more than a decade at Kurupung is a pivotal milestone that materially strengthens the project’s technical foundation ahead of an updated mineral resource estimate and inaugural drill program. By completing the transaction on an all-share basis, U92 has enhanced the value of its asset while preserving capital for exploration.”