The combined entity will also have exposure to critical minerals assets, with interests in 13 further lithium, nickel, copper and gold projects in its portfolio. In total, all 29 projects will cover 435,000 hectares.
Carpenter Lake will be one of the flagship assets in the company’s stable. Greenridge will own 60 percent of the uranium property after the acquisition is complete, with the option to boost its stake to 100 percent.
The purchase of ALX will also bring other key uranium assets to Greenridge, such as the Black Lake, Gibbons Creek, Hook-Carter and McKenzie Lake projects. Together they span approximately 173,000 hectares.
ALX shareholders will receive 0.045 Greenridge shares for each ALX share held. Upon completion, Greenridge shareholders will hold about 75.2 percent of the merged firm, while ALX shareholders will own around 24.8 percent.
Warren Stanyer, CEO and chairman of ALX, will join Greenridge as president and director, along with an additional nominee to the company’s board of directors. Russell Starr will remain as CEO and director.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: ALX Resources is a client of the Investing News Network. This article is not paid-for content.
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