The sale of CSE-, FSE- and OTCQB-listed Critical One Energy’s uranium assets in Namibia to CSE- and FSE-listed Dark Star Minerals has officially closed, marking a significant milestone in the advancement of the Khan and Cobra uranium projects.

As part of the definitive agreement, Dark Star has issued a second cash payment of $150 000 to Critical One and transferred 14-million common shares in the company.

These payments form part of a broader deal allowing Dark Star to acquire full ownership of Critical One’s interest in the two Namibian projects.

The agreement outlines a staged schedule of payments, including both cash and shares. An initial $10 000 in cash has already been paid upon the signing of a letter of intent.

Following that, 200 000 Dark Star shares were issued after the agreement received exchange approval.

Looking ahead, Dark Star is required to make three additional payments of $100 000 in cash within four months of the definitive agreement’s execution, $250 000 in cash plus $1-million worth of Dark Star shares by the first anniversary, another $250 000 in cash plus $750 000 in shares by the second anniversary.

Altogether, the total cash commitment stands at $760 000, with millions in share value expected to follow.

Once the combined value of these payments exceeds $3.5-million, Critical One will receive a 2% gross overriding royalty on all metals produced from both uranium projects.

Dark Star retains the option to reduce this royalty by 0.5% by paying $1.5-million, provided this is done within 30 days of production starting.

“We are looking forward to working with Dark Star to accelerate the exploration and development of these two significant uranium projects in the world’s third-largest uranium-producing country, according to the World Nuclear Association.

“As a significant shareholder and director of Dark Star, I will continue to contribute to the development of these two exciting uranium projects,” Critical One CEO and executive chairperson Duane Parnham said on August 8.