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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Silvermet Inc. (“Silvermet” or the “Company”) (TSX VENTURE:SYI) is pleased to provide an update on its potential combination with Global Atomic Fuels Corporation (“Global Atomic”), a private …
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Silvermet Inc. (“Silvermet” or the “Company”) (TSX VENTURE:SYI) is pleased to provide an update on its potential combination with Global Atomic Fuels Corporation (“Global Atomic”), a private Ontario company with a significant uranium project in the Republic of Niger, West Africa.
As previously announced on October 24, 2016, Silvermet’s board has given management the mandate to proceed with due diligence related to the proposed merger of Silvermet with Global Atomic and to take any steps regarding such activities necessary under stock exchange and/or securities rules and regulations. Management expects to announce the proposed deal structure at Silvermet’s annual special and general meeting on June 27, 2017.
Global Atomic has retained the services of independent mining industry consultants to update its NI 43-101 mineral resource estimate. The technical report is expected to be finalized in May. Upon completion of the technical reports, the parties will negotiate a proposed deal structure and exchange ratio. Assuming the parties reach agreement, it is anticipated that a transaction will be completed in the third quarter of 2017.
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