Zenith Energy (LSE:ZEN), the energy development company, has announced further investment terms relating to Reveille Resources, the uranium exploration vehicle spun out from Zenith's Fondi Energetici Italiani (FEI) assets, ahead of Reveille's market admission.
Upon admission, Zenith will receive two classes of warrants issued by Reveille: Founder Warrants and Loyalty Warrants.
The Founder Warrants are contingent on either the grant of both the Novazza and Val Vedello exploration licences, or Reveille completing an acquisition of one or more assets with an aggregate enterprise value greater than that of the Lombardy Project.
Reveille's core asset is a uranium district in Lombardy, Italy, underpinned by approximately 87,000 metres of historical drilling and 17 kilometres of underground development, with grades that Zenith says compare favourably with Berkeley Energia's Salamanca Project and other listed European uranium projects.
Chief Executive Andrea Cattaneo said Reveille has "the foundations to become one of Europe's leading uranium exploration companies" as it advances through regulatory approvals and begins resource definition work at what he described as one of Europe's most significant historical uranium districts.
Reveille must first secure regulatory approval for the Novazza and Val Vedello licence applications before resource delineation can commence, with further background on the spin-out available in Zenith's announcement of 30 April.
