United Uranium Corp. (TSXV:UUC) announced it has entered into a letter of intent with Karoo Exploration Corp. The parties have agreed to complete a business transaction wherein United will acquire the outstanding shares of Karoo.
As quoted in the press release:
The Transaction, when completed, will be considered to be a reverse take-over for the purposes of the TSX Venture Exchange (the “TSXV“) and will result in the listing of the Resulting Issuer as a Tier 2 Mining Issuer on the TSXV.
United’s President and CEO, Kyle Kozuska said:
The acquisition of Karoo Exploration Corp. by United Uranium Corp. will expose our shareholders to what we believe to be an asset with excellent growth potential.