Under the LoI, European Uranium will merge with Portex Minerals in exchange for EUU common shares through a plan of arrangement and will change its name to European Minerals Inc.
EUU CEO Dorian (Dusty) Nicol said European Minerals will be a Europe-focused company with a portfolio of exploration and development projects in base metals, precious metals and uranium.
"The merged company’s projects will have tremendous geologic potential for discovery, both by addition to existing resources and by discovery of new deposits," Nicol added.
In exchange for each Portex Minerals common share, Portex Minerals shareholders will receive 0.6 of an EUU common share in exchange and PAX will become a wholly-owned subsidiary of EUU as part of the LOI, which is subject to approvals.
Portex president and CEO Peter Chodos said, "Portex looks forward to continuing its exploration and development strategy with its new partners at EUU."
