07:46 AM EDT, 10/22/2024 (MT Newswires) -- IsoEnergy ( ISENF ) and Purepoint Uranium Group ( PTUUF ) said on Tuesday that they are forming a joint venture focused on developing uranium properties in northern Saskatchewan's Athabasca Basin.

The companies said they will contribute assets from their respective portfolios to the joint venture, which will consist of 10 projects covering more than 98,000 hectares.

IsoEnergy ( ISENF ) will initially hold a 60% interest in the joint venture with Purepoint holding the rest. Each party has the option to adjust this ownership to 50/50 within six months.

As part of the agreement, IsoEnergy ( ISENF ) will subscribe for $1 million in concurrent equity financing of Purepoint.

"By combining our complementary project portfolios and leveraging our collective expertise, we believe we are well-positioned to accelerate discoveries and create value for our shareholders," said Philip Williams, CEO of IsoEnergy ( ISENF ).

"By combining forces and pooling resources, we are accelerating exploration efforts and setting the stage for potential large-scale discoveries that can meet the growing demand for clean energy," said Chris Frostad, president and CEO of Purepoint.