The company cited Quebec government’s refusal to grant a final permit required to commence the exploration phase of the Matoush project.
The project has been on standby for more than a year, since a moratorium and commission of inquiry on Quebec’s uranium industry was announced on 28 March 2013.
Strateco Resources said in a statement, "The damages arising from the liquidation of the Matoush camp and any cost associated with reopening the camp in the future add to the damages incurred by Strateco and its shareholders following the Quebec government’s refusal to issue the certificate of authorization. Strateco has already finalized the sale of some of its facilities and equipment."
The company plans to carry out exploration in Saskatchewan in the coming months through its subsidiary, SeqUr Exploration.
Separately, Strateco said it has secured $1.4m in a private placement with insider Sentient Executive GP IV.
The company issued 28 million common shares at $0.05 per share for the private placement, and plans to use the proceeds to maintain its listing on the Toronto Stock Exchange (TSX).
