There’s a new uranium name on the block. F3 Uranium (TSXV: FUU) has finally completed the spinout of F4 Uranium and its related assets, establishing a new uranium project generation and exploration company.
Under the terms of the arrangement, shareholders of F3 Uranium were to receive one tenth of an F4 share for every share held of F3, with the spinout being completed on August 15.
Moving forward, F4 Uranium has a portfolio of 17 properties that it has grabbed from F3’s portfolio, with its land claims totaling 168,422 hectares within the Athabasca Basin. Chief among those claims is the Murphy Lake property, which was optioned out in February of this year to Canadian GoldCamps for $1.4 million in cash and work expenditures of $18 million in exchange for a 70% stake. F4 is expected to remain the operator of the project during the three year earn-in period.
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READ: F3 Uranium’s New Murphy Lake Option To See $18 Million In Work Expenditures In First 3 Years
With the exploration stage assets now spun out, F3 Uranium will focus on its wholly owned Patterson Lake North project in the Athabasca Basin, where it is presently focused on exploring the JR Zone. That zone was discovered in 2022 with hole PLN22-035, which intersected 6.97% U3O8 over 15.0 metres.
F3 Uranium last traded at $0.295 on the TSX Venture.
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