Toronto-listed uranium producer, EnCore Energy, has announced a significant milestone in its business plans. The company has agreed to sell a 30% stake in its uranium project in south Texas to Australian uranium producer, Boss Energy, for a whopping $60 million. In addition to the cash consideration, Boss Energy will also invest $10 million in EnCore Energy.

This deal marks a joint venture between the two companies, as EnCore transfers its ownership interest in the in-situ recovery Alta Mesa project to Boss Energy. Both entities will work together in the strategic collaboration of enCore's proprietary prompt fission neutron technology for exploration and production. To further support EnCore's operations, they will also receive a loan of 200,000 pounds of uranium for commercial use over the next year.

The financial injection resulting from this transaction will play a pivotal role in accelerating EnCore's uranium production pipeline across the state. With the development of multiple satellite operations, EnCore aims to significantly increase its production capacities. Chief Executive Paul Goranson believes that this boost in funds will also contribute to enhancing both exploration and development drilling activities across the company's U.S. portfolio.

EnCore plans to issue shares at $3.90 apiece to Boss Energy as part of a $10 million private placement agreement. The completion of this incredible partnership is expected to take place in February of next year.

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