North Shore Uranium Ltd Formerly Clover Leaf Capital Corp Announces Closing of Qualifying Transaction
North Shore Uranium Ltd. (“North Shore” or the “Company”) (TSXV: SHU-H) formerly Clover Leaf Capital Corp. (TSXV:CLV) is pleased to announce that it has completed its Qualifying Transaction (the “QT”), subject to the final approval by the TSX Venture Exchange (the “Exchange”).
Together with its wholly-owned subsidiary Clover Leaf Capital Inc., the company has acquired all of the outstanding securities of North Shore Uranium Inc. (“NSU”), a private Canadian uranium exploration and development company. In exchange, the shareholders of NSU will receive shares of the Company (“Share Exchange”), as described in the Company’s filing statement dated August 10, 2018 (the “Filing Statement”).
The success of the QT will enable North Shore to continue the development of its Aurora and Eagle projects located in the Athabasca Basin, Saskatchewan. Both properties have outcropping uranium mineralization. The Eagle project is a 51,800 hectare claim block and the Aurora project a 216,600 hectare claim block in the western portion of the Athabasca Basin.
Under the terms of the transaction, the Company will have issued approximately 26,862,716 common shares (the “Exchange Shares”) to the former shareholders of NSU in exchange for all of the issued and outstanding securities of NSU. In addition, the Company will have granted two warrant instruments; one to the shareholders of NSU, exercisable for an aggregate of up to 4,841,211 common shares of the Company, and one to the former directors of NSU, exercisable into an aggregate of up to 217,512 common shares of the Company.
Upon completion of the QT, the Company appointed Duncan Steel, Roderick Steel as directors, and Michael Miller as an officer of the Company, each of whom were the founding and/or current directors and officers of NSU. The former directors and officers of Clover Leaf Capital Corp. and its subsidiary Clover Leaf Capital Inc. resigned prior to completion of the QT.
The Company also announced that upon listing of the Exchange Shares, the Company’s name will change to North Shore Uranium Ltd.
We are excited to take the next steps in the development of our uranium properties in the Athabasca Basin, said Duncan Steel, President and Chief Executive Officer of North Shore. “We look forward to continued exploration and development in the region and building a long-term successful business for our investors.”
About North Shore Uranium Ltd.
North Shore Uranium Ltd. is a publicly traded uranium exploration and development company focused on advancing its Aurora and Eagle projects in the Athabasca Basin, Saskatchewan.
For more information on North Shore Uranium Ltd. please visit www.northshoreuranium.ca.