United Uranium (ASX: UUL) is set for a A$1.176 million Chinese cash injection from the No.1 Institute of Geology and Minerals of Shandong Province (SDGM), following approval from the Foreign Investment Review Board (FIRB).
FIRB has also provided formal approval for SDGM to acquire up to 51% of the issued capital of United, and up to a 50% interest in the tenements; EL24815, EL25835, EL25838, EL25839, ELA25836 and ELA25840.
United will issue 5.6 million shares at $0.21, a premium to the $0.155 closing price yesterday.
United holds seven tenements in total in the Northern Territory, located between Tennant Creek and Darwin.
The Pine Creek Project (EL24815) has been shown to contain a number of clusters of first and second order radiometric anomalies that have never been systematic explored for uranium.
This highlights the potential for the project, considering The Pine Creek Geosynclines is a major gold and uranium province.
Source：www.proactiveinvestors.com.au