Glenmark Capital Corp. announced that it has entered into an agreement with Unity Energy Corp. to acquire an 80% interest in the Carter Lake Project, located in the southwestern corner of the Athabasca Basin, Saskatchewan.

Under the terms of the agreement, the company can earn a 100% interest in the Carter Lake Project by paying Unity Energy Corp. $100,000 in year one, an additional $400,000 over three years and incurring $2,000,000 in exploration expenditures within the next six years. Both Glenmark's and Unity's interest is subject to a 2% royalty interest to the underlying vendor, of which 1% can be purchased for $1,000,000.