Xpedra Resources (ASX:XPD) entered into a binding agreement to sell its 100% interest in the Hidden Bay Uranium Project, located in Canada’s prolific Athabasca Basin.
The purchaser, Powerhaus Uranium, is currently seeking its own listing on the Australian Securities Exchange.
The deal is structured to provide Xpedra with both immediate liquidity and long-term upside.
Upon completion, Xpedra will receive $50,000 in cash and 1.2 million fully paid shares in Powerhaus, valued at a deemed price of $0.20 per share.
Furthermore, Xpedra will retain a 2.0% royalty on all future uranium products sold from the project site.
The "capital-light" strategy allows the company to eliminate further expenditure on the Canadian site while maintaining significant exposure to any exploration breakthroughs achieved by Powerhaus.
The company intends to redirect its resources toward the Springfield gold deposit in New South Wales.
Described as a high-prospectivity, under-explored asset, Springfield is the centerpiece of Xpedra’s renewed corporate strategy.
A maiden drilling program is slated to begin at the NSW site later this month.
The finalisation of the sale remains subject to standard closing conditions, including the completion of due diligence, shareholder approval, and Powerhaus receiving ASX confirmation for its conditional quotation.
At the time of reporting, Xpedra Resources' share price was $0.028.