Terra Uranium discontinues proposed acquisition of Amer Lake Project

Terra Uranium <a href='https://grafa.com/asset/terra-uranium-ltd-10204-t92.asx'>(ASX:T92)</a> has discontinued its proposed acquisition of the Amer Lake Project in Nunavut, <a href='https://grafa.com/economy/canada-ca'>Canada</a>, following unsuccessful efforts to finalise the deal with the project's vendor. Since March 2024, the company has been in negotiations with the vendor to execute a long-form acquisition agreement and ancillary arrangements. Despite repeated attempts to resolve this, Terra was unable to secure the execution of the agreement, leading to the decision to abandon the acquisition. Terra expressed regret over the outcome but clarified that it had made every effort to complete the transaction. As a result of the discontinuation, the company will now focus on seeking reimbursement for the costs it incurred in connection with the Amer Lake Project, where commercially feasible. Terra intends to pursue this reimbursement from the vendor for funds expended on due diligence and other related activities.