This Is End Game. Azarga are Agreeing In Principle., page-36

Azarga's initial investment in BLR was $2.3m @ 0.07c, a $2m loan facility and also participated in a cap raising @ 0.04c.

I think total invested stands at $6 million?



Azarga's Investee Company Black Range Minerals Receives Takeover Proposal

GREENWOOD VILLAGE, COLORADO--(Marketwired - Jan. 30, 2015) - AZARGA URANIUM CORP.

(TSX:AZZ)(OTC PINKWURD)(FRANKFURT8AA) ("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.