Metals One PLC (AIM:MET1) has increased its shareholding in NovaCore Exploration Inc from 10% to 30%.
The company subscribed for 1.46 million shares in NovaCore, a private company progressing the Red Basin Uranium Project in Catron County, New Mexico.
It took them up a US$0.587 per share, for a total consideration of US$856,000. The consideration is being satisfied by the issue of 3.87 million Metals One shares, priced at 16.487p per share.
The Red Basin uranium project covers around 15,000 acres. Historical and recent surveys suggest a potential for 40.00 million pounds of U₃O₈.