Hathor to acquire Terra Ventures
PRINCE ALBERT — Terra Ventures Inc. (TSXV:TAS) has received a binding all-share takeover offer from Hathor Exploration Ltd. (TSX:HAT) that they say will consolidate ownership of the Roughrider uranium deposit in Saskatchewan's Athabasca Basin.
Hathor's offer values Terra at $24 million, based on pre-announcement stock prices. Terra Ventures shareholders would own about 10 per cent of the combined company.
If the deal is approved, Hathor will own 100 per cent of the Roughrider deposit and 98 per cent of the Russell Lake exploration project, either in the Athabasca Basin.
“Consolidating the fragmented ownership of Roughrider and Russell presents significant potential post-transaction value for both groups of shareholders,” the companies said in a joint announcement.
Terra Ventures shares were ahead nine per cent, or three cents, at 36.5 cents on the TSX Venture Exchange while Hathor was down seven cents to $1.88.