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Strathmore Minerals Up 11% on $8M Share Purchase, JV Deal with Korea Electric Power

Strathmore Minerals Corp (STM.TO) is up 11% this morning at 61 cents share after announcing a deal with Korea Electric Power Corp. calling on the utility company agreeing to purchase $8 million in Strathmore shares in an upcoming placement, with proceeds tabbed for Phase I uranium exploration and development of the Gas Hills Beaver Rim properties in Wyoming.

Korea Electric also is kicking in a $2 million "project development allowance" as part of a pre-feasibility study of the entire Gas Hills area. Phase II could see Korea Electric earning in a 40% stake in the project by spending $35 million over the next three years.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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