The transaction is subject to completion of GRIT listing on the London Stock Exchange and TSX Venture Exchange approval.
Under the agreement, GRIT will acquire eight million shares of EUU at a price of $0.125 per share and will own approximately 13% of EUU following completion of transaction.
With EUU shares subject to a 4-month hold period, consideration to EUU will be 604,485 shares of GRIT for a value of approximately $1m.
Additionally, EUU will arrange to sell GRIT shares in accordance with applicable securities laws to generate cash and in respect of the transaction, a 6% commission is payable in GRIT shares.
The cash will be used to advance the Kuriskova uranium project in Slovakia as well as for working capital and general corporate purposes.
