European Uranium Provides Deli Jovan North Option Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--European Uranium Resources Ltd. ("EUU") (TSXV: EUU) announced on June 2, 2014 that it had entered into a binding letter of intent (the “LOI”) with Appalachian Resources Balkan doo (“ARB”) for the grant of an option to EUU entitling EUU to acquire from ARB a 100% interest in the Deli Jovan North Project, Serbia (the “Transaction”). The LOI requires EUU and ARB to negotiate a definitive agreement to replace the LOI on or before June 30, 2014.
The Transaction is conditional upon the approval of the TSX Venture Exchange (the “TSXV”). Among other requirements, the TSXV requires EUU to provide a financial plan demonstrating that it has or will have upon closing sufficient funds to close the Transaction and to fund the first stage of a recommended work program.
At EUU’s June 13, 2014 annual and special general meeting, the special resolution approving the sale of EUU’s Kuriskova project to Forte Resources NL announced in its press releases of April 4, 2014 and May 9, 2014 was not approved by the required special majority of EUU’s shareholders, and that transaction was terminated. As EUU did not receive the proceeds from that transaction, it does not anticipate having sufficient funds to provide the TSXV with the financial plan required to obtain TSXV approval for the Transaction. As a result, EUU does not believe that TSX Venture Exchange approval for the Deli Jovan North option agreement can be obtained, and expects that the LOI will terminate in accordance with its terms following the June 30, 2014 deadline.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604) 536-2711, or visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.