Thor Energy signed a sale and purchase agreement to complete a sale of a 75% interest in its US subsidiaries that hold its non-core uranium and vanadium projects in Colorado and Utah to Metals One, according to a Wednesday Australian bourse filing.

The units are Standard Minerals and Cisco Minerals. An exclusivity fee of 100,000 pounds sterling was already paid to Thor following the execution of a term sheet.

Thor will be issued 1 million pounds sterling in 14.2 million Metals One shares at 0.0703 pounds sterling per share.

Metals One will be the operator of the projects while Thor will retain a 25% interest. A 12-month exclusive option will be granted to Metals One to acquire the remaining 25% stake at a future price. Metals One will solely fund the exploration activities during said period.