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Greenridge Exploration Inc ( (TSE:GXP) ) has issued an update.
Greenridge Exploration Inc. has granted Thunder Gold Corp. an option to acquire a 100% interest in its 4,571-hectare Electra Nickel property adjacent to Thunder Gold’s Tower Mountain project near Thunder Bay, Ontario. The deal, subject to stock exchange approvals, calls for Thunder Gold to pay Greenridge CAD$175,000 in cash and issue 1,000,000 shares over 24 months, while Electra remains subject to a 2.5% net smelter royalty with a partial buyback option for Greenridge.
The transaction allows Greenridge to potentially monetize a non-core nickel asset while retaining upside exposure through cash, equity, and royalty interests, aligning with its broader strategy of advancing a large portfolio of uranium and strategic metals projects. For Thunder Gold, consolidating ownership around Tower Mountain could enhance its regional exploration scale, though the option structure permits it to withdraw without earning an interest if it stops payments or share issuances.
More about Greenridge Exploration Inc
Greenridge Exploration Inc. is a Canadian mineral exploration company focused on acquiring, exploring, and developing critical mineral projects, primarily in uranium, gold, nickel, and copper across Canada. The company controls or holds interests in 23 projects and additional claims covering about 251,139 hectares, including one of the largest uranium property portfolios in the country with 13 uranium projects and several strategic metals properties.
Average Trading Volume: 85,080
Technical Sentiment Signal: Sell
Current Market Cap: C$22.69M
For an in-depth examination of GXP stock, go to TipRanks’ Overview page.