Canadian miner Auric Minerals has entered a definitive share exchange agreement to acquire Central Uranium Resources (CURC), a privately held arm's-length company.

CURC owns the rights to acquire the uranium prospective Route 500 Property in Newfoundland and Labrador in Canada.

The deal is valued at approximately C$1.92m ($1.37m), based on the company's last closing price. The transaction includes the entire outstanding share capital of CURC.

Under the exchange agreement terms, Auric Minerals will issue 12 million common shares and three million common share purchase warrants to CURC shareholders. The warrants, priced at C$0.16, are exercisable within 36 months post-issuance.

The companies entered into a non-binding letter of intent for the acquisition last month.

The Route 500 Property, located around 70km east-south-east of Churchill Falls, comprises 441 claims across 11,025ha. It lies within the Wilson Lake Terrane in the  Grenville Structural Province of Labrador.

This area is underexplored and known for its potential uranium mineralisation, with adjacent claims already revealing uranium-mineralised pegmatite intrusions.

Labrador has experienced several exploration surges including the Voisey's Bay find in the 1990s and a uranium rush in the mid-2000s.

With global uranium demand rising and other regions nearing exploration maturity, Labrador is attracting renewed interest. The acquisition aligns with this increased focus on the region.

The transaction ensures no fundamental changes or control shifts within Auric Minerals post-transaction. The completion of this acquisition is subject to regulatory approvals and customary closing conditions, with no finder's fee applicable.

Auric Minerals is currently exploring mineral properties in Canada and holds options for acquiring a 100% interest in three claims, covering approximately 1,906.95ha, in British Columbia's Trail Creek area.