GREENWOOD VILLAGE, COLORADO, Jan 30, 2015 (Marketwired via COMTEX) -- AZARGA URANIUM CORP. (AZZ)(otc pink
WURD)(frankfurt
8AA) ("Azarga" or the "Company") notes that one of its investee companies, Black Range Minerals Limited ("Black Range"), has today received a takeover proposal from Western Uranium Corporation ("Western Uranium").
Black Range is listed on the Australian Stock Exchange under the ticker BLR. Its primary assets are the Hansen/Taylor Ranch uranium project in Colorado and a 50% interest in a uranium ore processing technology venture, Ablation Technologies. With a current interest of 17.3%, Azarga is Black Range's largest shareholder.
Based on the terms in Black Range's press release, the takeover proposal would value Azarga's shareholding in Black Range at approximately US$2.4 million. Azarga also has a loan extended to Black Range in the amount of approximately US$0.5 million (the "Azarga Loan"). As part of the proposed takeover, Western Uranium is providing Black Range with a loan facility, a portion of which will be used on closing to pay back half of the Azarga Loan.
Azarga recognizes the potential benefits of a combination between Black Range and Western Uranium and is broadly supportive of the proposal. As a result, the Company will engage with both Western Uranium and Black Range to understand the terms of the proposal in more detail.
About Azarga Uranium Corp.
Azarga Uranium is a mineral development company that owns six uranium projects, deposits and prospects in the USA (South Dakota, Wyoming and Colorado) and Kyrgyzstan together with investment holdings in Anatolia Energy Limited (asx:AEK - 11%) and Black Range Minerals Limited (asx:BLR - 17%). The Dewey Burdock Project in South Dakota is the main initial development priority, which has received its final NRC License.
For more information please visit
www.azargauranium.com.
Follow us on Twitter at @AzargaUranium.
AZARGA URANIUM CORP.
Richard F. Clement Jr.,
