COMPETITIVE · MARKET STRUCTURE · CANADA
Basin Energy executes definitive sale agreement for Marshall Uranium Project (Saskatchewan)
Change
Basin Energy executed a Mineral Rights Purchase and Sale Agreement to sell 100% of the Marshall Uranium Project in Saskatchewan to Green Canada Corporation (a PTX Metals subsidiary), with Basin receiving 9.99% equity in a newly listed entity and retaining a 25% buyback option plus a three-year ROFR; GCC also received 9-month exclusivity on the North Millennium Project.
Why it matters
Execution of the MRPSA converts Basin’s previously announced binding LOI (24 Nov 2025) into a definitive sale framework for 100% of the Marshall Uranium Project to GCC (54% owned by PTX Metals). Consideration includes Basin holding 9.99% of the total issued capital of a newly listed entity, shifting Basin’s exposure from direct project ownership to equity-linked participation. Basin retains a 25% project-level buyback option and a three-year right of first refusal on any future sale, which can affect future transferability and deal terms for subsequent buyers. Separately, GCC’s nine-month exclusivity on the North Millennium Project limits alternative partnering or sale processes for that asset during the exclusivity window.
Implications
- • Marshall project control transfers under a definitive MRPSA, reducing Basin’s direct ownership exposure.
- • Basin’s consideration includes 9.99% equity in a newly listed entity, tying value to listing/market outcomes.
- • Buyback option (25%) and 3-year ROFR can constrain future Marshall sale processes/valuations.
- • North Millennium is subject to a 9-month exclusivity period, limiting competing deal access.
Who is affected
- • Basin Energy Limited (ASX:BSN; OTCMKTS:BSNEF) shareholders
- • Green Canada Corporation Inc (GCC) and PTX Metals Inc. (TSXV:PTX)
- • CanAlaska Uranium Ltd (CVE:CVV)
- • Potential acquirers/partners for the North Millennium Project during exclusivity
Source
Topics
Business & Markets Mergers & Acquisitions Energy & Power Nuclear