12:35 PM EDT, 10/22/2024 (MT Newswires) -- IsoEnergy ( ISENF ) and Purepoint Uranium Group ( PTUUF ) on Tuesday said they will form a joint venture to develop a portfolio of their uranium properties in northern Saskatchewan's Athabasca Basin.

The venture will consist of 10 projects covering more than 98,000 hectares. IsoEnergy ( ISENF ) will also subscribe for $1 million in concurrent equity financing of Purepoint, to gain exposure to Purepoint's other prospective exploration projects in the Athabasca Basin.

IsoEnergy ( ISENF ) will initially hold a 60% interest in the JV, with Purepoint holding the remaining 40% interest. Each party may adjust this ownership to 50/50 within six months through put/call options. Purepoint will serve as the operator during the exploration phase of the JV properties but IsoEnergy ( ISENF ) will assume operational control when the properties advance to the pre-development phase.

IsoEnergy ( ISENF ) was last seen down $0.13 to $3.75 on the Toronto Stock Exchange. Purepoint Uranium ( PTUUF ) is up $0.005 to $0.035 on the TSX Venture Exchange.

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