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

As consideration for the sale, enCore received 50,000,000 non-voting preferred shares of Verdera (the "Consideration Shares"), representing approximately 73% of the issued shares of Verdera on a fully diluted basis.  In addition, enCore received a 2% royalty on uranium and other minerals from the Properties, and US $350,000 as a cash payment.

The Company and Verdera have also entered into a side letter dated April 4, 2025, pursuant to which the Company agreed to consent to a going public transaction by Verdera in conjunction with a significant financing. The side letter also provides that the Company will set a record date for the distribution of the 35,000,000 Consideration Shares (as converted to common shares of the resulting listed company) to its shareholders upon Verdera’s request following a listing on a Canadian stock exchange. 

KeyFacts Energy: Acquisitions & Mergers news