ASPN news $560K in the banc..yeehaw
Aspen Exploration in Uranium Stock Deal
Thursday April 28, 11:19 am ET
DENVER, CO--(MARKET WIRE)--Apr 28, 2005 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), an energy company with offices in Bakersfield, California, and Denver, Colorado, has announced the successful completion of a transaction involving stock in a uranium company as well as cash. In the late 1990s Aspen, through an agreement with ISL Resources Corp. (ISL), became the owner of 2,000,000 shares of ISL stock in a trade involving proprietary data plus certain properties located in Wyoming. Due to the fall in uranium prices at the time, ISL became dormant. With the recent increase in the price of uranium, R. V. Bailey, Aspen's board chairman, found an opportunity to exchange the ISL shares, on a one-for-one basis, for shares in a start-up uranium company, Ur-Energy Inc., headquartered in Canada. This share exchange was accomplished and Aspen became the owner of 2,000,000 shares of Ur-Energy Inc.
As the transaction evolved, Ur-Energy Inc. determined that it would be advantageous to reacquire the 2,000,000 shares of its common stock from Aspen for a smaller number of Ur-Energy Inc. shares plus a cash payment.
Aspen is pleased to announce that it has relinquished the original block of 2,000,000 shares of Ur-Energy Inc. and has received a cash payment of US $560,000 plus 500,000 newly-issued Ur-Energy Inc. shares, which will be held for investment purposes.
Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN. For more information contact Aspen's Denver office at (303) 639-9860. Aspen's web page can be found at www.aspenexploration.com.
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