what is uranoz

Here is the cut-and-paste proposal for the approval of Uranoz's acquisition of a diversified and extremely promising geothermal portfolio. The resolution is to be passed on the 16th Oct in Sydney.

"The proposal involves issuing ordinary shares and options to the owners of Scopenergy Pty Limited (Scopenergy), the developer of the Limestone Coast Geothermal Project, and Panax Geothermal Pty Limited (Panax), which is finalising negotiations for rights to geothermal projects in India and the Kyrgyz Republic. The owners of Scopenergy and Panax will each receive 12,000,000 ordinary shares and 6,000,000 four year options with an exercise price of $0.20. Each vendor will own approximately 10% of the total ordinary shares in the Company after the transactions have been completed.

The acquisition of these high quality geothermal assets augments the Company’s focus on clean energy sources, as commenced by its exploration program for the clean energy fuel, uranium, in South Australia and Western Australia.

The Limestone Coast Geothermal Project (100%) in South Australia is the only known, well researched and explored conventional geothermal project in Australia. This project is ready for drill testing targeting temperatures in the range of 180 - 200 °C and has the potential to generate large scale zero emission baseload power.

Panax is concluding negotiations on an agreement to earn up to 45% equity in two projects in India, including the exclusive geothermal rights covering the entire State of Maharashtra, which includes Mumbai with a population of 18 million people, as well as geothermal project areas in the Himalayan Geothermal Province. Panax has also entered an agreement to earn up to 61% equity in four geothermal exploration licences covering more than 4,500 square kilometres in the Kyrgyz Republic, Central Asia, which borders onto China, with the potential for large scale baseload power generation.
As part of the acquisition agreements, Uranoz is pleased to announce the appointment of Dr Bertus de Graaf, an experienced founder and builder of successful ASX listed resource development companies, as the Managing Director. Uranoz is extremely fortunate to be able to attract somebody of this calibre. The combination of his hard rock exploration and production experience, expertise in geothermal energy development and corporate experience will enable the Company to significantly enhance the value of its expanded asset base."

This company remains the unsurpassed opportunity to enter the more speculative region of the geothermal sector. Cash position is outstanding, at $11.5M, so whether it is quality or leverage that are the criteria for investment, URO is an attractive option.