Other vendors include Mike Haynes, Tim McCormack and Ben Vallerine, the latter who will become a non-executive director at Okapi.

Vallerine is very familiar with the ground having been head of exploration with former ASX-listed company Black Range Minerals when it was a US uranium-focused play earlier this century.

The vendors are getting 33.5 million shares and 16.75 million options, with further staged issues totaling 12 million shares likely once certain exploration milestones are met.

Okapi had 50 million shares on issue prior to the deal, with an A$2.8 million raising currently in train to issue a further 14.2 million shares issued at 20c each (with 14.2 million attaching options exercisable at 30c).   

The ground includes the Tallahassee prospect where non-JORC resources of 26.3 million pounds of uranium grading 540 parts per million uranium has been previously estimated.

A circa 10,000m drill campaign is planned for coming months.

Following the current fundraising, Okapi will have about $6.3 million cash.

The uranium ground takes the place of kaolin and heavy mineral sands prospects Okapi had been in the process of acquiring, with that deal now dropped.

Shares in Okapi rose 45% to 32c in response to the latest transaction, capitalising the company at $17 million.