Oberon Uranium Corp. Announces Proposed Sale of Element 92 Uranium Property

March 01, 2024 8:00 PM EST | Source: Oberon Uranium Corp.

Vancouver, British Columbia--(Newsfile Corp. - March 1, 2024) - OBERON URANIUM CORP. (CSE: OBRN) ("Oberon" or the "Company") is pleased to announce that it has entered into a property purchase and sale agreement (the "Agreement") with Forty Pillars Mining Corp. ("Forty Pillars") (CSE: PLLR), an arm's length party to Oberon, pursuant to which Oberon has agreed to sell its Element 92 Uranium Property, comprised of a single Saskatchewan mineral claim number covering 5,961 hectares located in northern Saskatchewan, Canada, on the southern end of the Athabasca region (the "Property").

Under the Agreement, Forty Pillars has agreed to pay to Oberon $10,000 in cash and to issue 2,000,000 common shares of Forty Pillars on closing of the transaction. The shares will be subject to a four month hold period in accordance with applicable securities laws. It is anticipated that Oberon will be an insider of Forty Pillars on closing of the transaction, by reason of holding approximately 17.25% of the issued and outstanding shares of Forty Pillars post-closing. Closing is subject to customary conditions of closing, including completion of due diligence by Forty Pillars and approval of the Canadian Securities Exchange (if required), and is expected to complete shortly.

Oberon also announces that Sandy Loutitt is resigning from his position as special advisor to Oberon to pursue other ventures. Oberon's management and board of directors thank Mr. Loutitt for his services to the Company.

About the Company

Oberon Uranium Corp. is a mineral exploration company with a 100% interest in the past producing Lucky Boy Uranium Property located in Arizona, USA. Oberon also owns a 100% interest in the Fusion Uranium Zone Project and the Element 92 Property both located in the Athabasca Region of Saskatchewan, Canada. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at info@oberonuranium.com.

On Behalf of the Board of Directors
"Lawrence Hay"
President and CEO
Tel: 778.317.8754
Email: info@oberonuranium.com

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200177