SUPL owns the following key uranium resource and exploration assets (
In consideration for the acquisition of SUPL, Alligator will issue 679,561,608 AGE shares to Samphire who plan to immediately in-specie distribute the AGE shares to its shareholders. Samphire has share capital of 226,520,536 ordinary shares, hence each Samphire shareholder will receive three AGE shares for every Samphire share they hold. Upon successful completion of the transaction (subject to certain conditions precedent, including regulatory and both Company's shareholders approvals) the current 1,650 Samphire shareholders will collectively hold 32% of the expanded capital structure of AGE. Alligator has used onmarket valuations of similar status uranium resource projects to inform the consideration agreed to acquire the
The Directors of Samphire have advised that, upon completion of the in-specie distribution, they intend to wind up the company.
In late 2007,
Work completed on the licences to date included extensive drilling within excess of 700 drill holes primarily focused around the Blackbush deposit leading to its JORC2012 resource classification and the Plumbush mineral occurrence leading to its JORC2004 resource classification. The majority of drilling has been conducted through mixed rotary mud, RAB and aircore methods and some limited diamond core holes at Blackbush. The distribution of historical drilling away from these known mineral occurrences is modest and will allow for ongoing exploration in potentially extending the known resources and continued testing of additional prospects.
Detailed geophysics have been carried out over the licences with high resolution gravity, EM and magnetics already completed forming an excellent framework for future and ongoing exploration. After successful completion of the proposed transaction, Alligator will review in detail the resource and exploration work undertaken to date,and will plan its initial steps in expanding the mineralisation through work on the Exploration Target in particular.
The Blackbush and Plumbush deposits are interpreted to share the same geological setting, similar in mineralisation style, stratigraphy, depositional setting and geological structure. Uranium mineralisation is hosted by sub-horizontal sedimentary units comprising sand, minor lignites, clays and gravels, and in the Blackbush deposit partially along remnant structures within clay weathered Hiltaba Suite granite basement. Epithermal alteration is present within the granite and underlying the sediment-hosted mineralisation in the Blackbush deposit, and similar alteration is anticipated in the Plumbush deposit.
Uranium mineralisation is currently interpreted to occur in several styles such as roll front, within clay weathered granite, and narrow veinlets within the basement granites. On both a local and regional scale, mineralisation appears to have a strong relationship with underlying structures.
The current Plumbush resource2 will require some additional work, including resource drilling, core drilling for metallurgical sampling, additional geological interpretation work and estimated economic evaluation to determine whether it can be upgraded to a JORC 2012 resource. Once the transaction is completed Alligator will plan and determine timing for the initial work required for this.
Following approval by
Binding Terms Sheet
The parties have signed a Binding Terms Sheet for the transaction and have agreed to use their best endeavours to negotiate in good faith to enter into a Share Purchase Agreement for all of the shares in SUPL that is in a fuller form but consistent with the Terms Sheet by no later than
In consideration for the acquisition of SUPL, Alligator plans to issue (subject to shareholder approval) 679,561,608 AGE shares valued at
Upon successful completion of the transaction (subject to certain conditions precedent, including regulatory and both Company's shareholders approvals) the current 1,650 Samphire shareholders will collectively hold 32% of the expanded capital structure of AGE. The 679,561,608 AGE shares to be issued represents 47.2% of the current issued share capital of AGE. The largest current shareholder of Samphire is expected to hold approximately 5.7% of AGE immediately following the completion of the in-specie distribution. Alligator has used on-market valuations of similar status uranium resource projects to inform the consideration agreed to acquire the
The Directors of Samphire have advised that, upon completion of the in-specie distribution, they intend to wind up the company.
Contact:
Mr
Email: gh@alligatorenergy.com.au
About
Uranium
The Company is primarily exploring for uranium in West Arnhem, utilising modern exploration techniques, combined with the best geological knowledge acquired by Alligator and consultant geologists, in search for uranium deposits of similar mineralisation style and tenure to that of the world class Alligator Rivers Uranium deposits of Jabiluka and Ranger, concealed beneath the covering sandstone. The company's
The Company is researching and developing novel uranium decay isotope geochemical techniques and has modified and is applying airborne geophysical techniques with the objective of detecting such concealed targets. The previously drilled Caramal and Beatrice deposits represent eroded remnants of once much larger deposits. The Company also has in excess of 1000km2 of Exploration Licence applications awaiting grant within the
Alligator also has exploration ground in
Cobalt- Nickel
Alligator signed a binding Heads of Agreement with
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