Consolidated Uranium Announces Acquisition of Virginia Energy Resources, Securing the Largest Undeveloped Uranium Deposit in the U.S.

TORONTO, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR”, “Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF) and Virginia Energy Resources Inc. (TSXV: VUI) (“Virginia Energy”) are pleased to announce that they have entered into a definitive agreement (the “Arrangement Agreement”) pursuant to which Consolidated Uranium will acquire all of the issued and outstanding common shares of Virginia Energy (the “Virginia Energy Shares”) by way of a court-approved plan of arrangement (the “Transaction”). Virginia Energy owns 100% of the Coles Hill Uranium Project (“Coles Hill” or the “Project”) located in south central Virginia, United States, which is the largest undeveloped uranium deposit in the U.S. and among the largest projects by total uranium resources in the world. The Project is held through a subsidiary of Virginia Energy, Virginia Uranium, Inc., which controls the mineral rights, certain surface rights, and leasehold development and operating rights at Coles Hill.

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