Source: Labrador Uranium Inc.
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  • Labrador Uranium (LUR) has acquired the Anna Lake project and the Moran Lake B-Zone prospect
  • This is in connection with the purchase agreement it signed with Beaconsfield Ventures Ltd. in October
  • LUR acquired the projects in exchange for the issuance of 5,000,000 common shares of LUR at a deemed price of $0.32 per common share
  • LUR has also completed a non-brokered private placement offering for gross proceeds of $2,998,800
  • Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada
  • Labrador Uranium Inc. opened trading at $0.32 per share

Labrador Uranium (LUR) has closed its previously-announced acquisition of two projects.

The company completed the acquisition of the Anna Lake project (Licence No. 34834M) and the Moran Lake B-Zone prospect (Licence No. 027543M) in connection with the purchase agreement it signed with Beaconsfield Ventures Ltd in October.

LUR acquired the projects in exchange for the issuance of 5,000,000 common shares of LUR at a deemed price of $0.32 per common share.

As part of the acquisition, LUR has also assumed an existing 2-per-cent net smelter royalty with respect to the projects payable to a third party.

“We are excited to complete the acquisition of the Anna Lake and Moran B projects, adding both strong exploration targets and historical mineral resource estimates to our significant land position in Labrador, Newfoundland,” noted Stephen Keith, CEO.

“The focus of our exploration work in 2023 will consist of drill testing possible extensions to known mineralization, upgrading existing targets away from current mineralization through on-the-ground fieldwork, as well as prioritizing regional scale targets through the undertaking of an extensive geophysical program,” he added.

With the proceeds from the current capital raise, the company is planning to complete a belt-wide airborne gravity survey over a significant percentage of the Central Mineral Belt (CMB), essentially covering all current company-tenured areas and beyond.

The planned airborne gravity survey will give the company a corporate advantage in the exploration of the CMB, helping to focus the company´s future exploration of large copper-gold-uranium deposits.

LUR has also completed a non-brokered private placement offering of up to 6,111,111 flow-through units in the capital of LUR at a price of $0.45 per unit for gross proceeds of $2,998,800.

Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada.

Labrador Uranium Inc. opened trading at $0.32 per share.


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