Friday, 31 August, 2007

W.A. Business News

Northern Territory-based Rum Jungle Uranium Ltd will acquire up to 70 per cent of six uranium properties owned by Subiaco-based Deep Yellow Ltd in the Alice Springs area, the companies have announced.

Under the agreement, Rum Jungle will issue 2 million ordinary shares and 2 million options to Deep Yellow, The issuance to DYL of 2,000,000 ordinary shares and 2,000,000 options to acquire ordinary shares in Rum Jungle.

For the shares, Rum Jungle will become a participant in the JV with a 50 per cent stake, acquiring a further 20 per cent if it spends $2 million on the joint venture within four years of the commencement date.