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Message: Strathmore Minerals Sells $8 million In Shares (13.9%) to Korean Electric At .55

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Strathmore Minerals Sells $8 million In Shares (13.9%) to Korean Electric At .55

posted on Feb 02, 12 09:27AM (Log in to use the IP Check tool) ^[?]

MY NOTE: Deal Done At .55 ... Stock Is Trading At .48 ... Good Deal For Shareholders

Strathmore Minerals Corp. (TSX:STM) is raising $8 million by selling 13.9 per cent of the company to Korea Electric Power Corp.

Under the agreement, Strathmore is selling the Korean company almost 14.6 million shares at 55 cents each.

Strathmore says the proceeds will allow it to develop its Gas Hills Uranium properties in Wyoming.

In addition, the agreement contains a provision whereby KEPCO has the right to buy a portion of any future annual uranium production from Strathmore's properties.

Future off-take uranium purchases shall be determined by KEPCO's equity ownership in Strathmore.

"Strathmore is pleased to welcome KEPCO as a new valued shareholder and partner," said Strathmore CEO David Miller.

"KEPCO is known for their leadership and foresight in providing long-term solutions for the development of safe and reliable nuclear power."

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