Khan Resources Inc. is a Canadian-based company that has interests in certain uranium properties that are located in the Dornod district of north eastern Mongolia, a district that contains a number of known uranium deposits. As a result of certain actions by the Mongolian Government, the Corporation”s interests in the Dornod Properties are uncertain at this time. In January 2011, the Corporation commenced the International Arbitration process against the Government of Mongolia and certain of its agencies for actions taken by the Government to effectively expropriate Khan”s licenses.
The company recently closed a private placement of 13.6 million shares at $0.17 per share, for gross proceeds of $2.3 million. The company plans to use these funds to advance its international arbitration case for $200 million against the Government of Mongolia and for general corporate purposes.
Khan also holds 15,523,330 common shares and 4,031,665 share purchase warrants of Macusani Yellowcake Inc., a Canadian exploration company listed on the TSX Venture Exchange under the symbol “YEL”. Macusani trades at $0.185, placing a value of approximately $2.9 million on the shares held by Khan.
The company currently trades at $0.155 and with approximately 68 million shares outstanding, is capitalized at approximately $10.5 million.