08:07 AM EDT, 04/09/2025 (MT Newswires) -- enCore Energy (EU.V) was at last look up 4.2% in US premarket trade on Wednesday after saying it has completed the sale of a subsidiary that holds uranium projects in New Mexico to Verdera Energy, a privately-held company.

A statement noted enCore received 50 million non-voting preferred shares of Verdera, representing 73% of the issued shares of Verdera on a fully diluted basis. enCore also received a 2% royalty on uranium and other minerals from the properties, and US$350,000 as a cash payment.

The two parties have also entered into a side letter agreeing to Verdera going public in conjunction with a "significant" financing. enCore will also set a record date to distribute 35 million consideration shares (converted to common shares when Verdera lists) to its shareholders.

enCore has completed the sale of a subsidiary that holds the Crownpoint, Hosta Butte, Nose Rock, West Largo, and Ambrosia Lake-Treeline uranium projects located in New Mexico.