Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur‑Energy") announced today that it intends to offer and sell its common shares in an underwritten public offering. In connection with this offering, Ur-Energy expects to grant the underwriters a 30-day option to purchase additional common shares, equal to up to 15% of the number of securities sold in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the securities in the offering are to be sold by Ur-Energy
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Preparations for Drilling at the Mkuju Uranium Project
Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to announce it is on track for commencement of drilling at its key uranium targets at the Mkuju Project during May. The program will include the first core drilling at the SWC target where 2023 trenches intersected up to 7139ppm U3O8. At Mtonya and Likuyu North the Company’s drilling will test potential extensions and new zones to the existing uranium deposits. The geological team has been established, key equipment orders made, and the drilling contractor selection process is proceeding well.
- Preparations are progressing well; drilling expected to commence in May to test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits:
- At Southwest Corner, the drilling to test the potential for down-dip extension of the recently trenched high-grade surface uranium.
- At Mtonya holes will follow up on excellent uranium intersections not followed up by previous explorers in 2012.
- At Likuyu North drilling testing for potential new zones that if present would add to the existing 4.6 Mlb U3O8 (JORC) Resource.
- At Southwest Corner, the drilling to test the potential for down-dip extension of the recently trenched high-grade surface uranium.
- In line with Tanzanian procurement regulations drilling contractor tender evaluation and award will take place during April.
- Major items purchased including downhole gamma-ray logging equipment. Camp provider has been identified.
- Seasoned and Africa-experienced Exploration Manager Fabien Linares begins full-time on 1 April and will be responsible for implementation of the program.
- All drilling to be by diamond coring to maximise on geological observation and data quality.
The target is an intense 3.5 km x 1.8 km oval shaped airborne radiometric anomaly northeast of the Mtonya deposit. Despite being the most intense radiometric anomaly in the area no drilling other than 2008 shallow auger holes (max depth 12 m) and a single core hole have been carried out here, by Mantra Resources. The auger holes gave excellent uranium intersections1. Reportedly, Mantra Resources did not follow-up the excellent auger-hole results, prioritising exploration at their flagship “Nyota” Uranium deposit 50 km to the north. In 2023 Gladiator carried out trenching to confirm and understand the uranium mineralization and encountered high grade uranium in 4 of the 5 trenches. Vertical channel samples across the gently dipping layer/s included 2.55m with an average grade of 2017ppm U3O8 and 1.40m with an average grade of 4442ppm U3O82. Gladiators drilling will test the potential down-dip extension of this mineralization which appears to be hosted within gently dipping layers, as exposed in the trenches and described in detail in the announcement dated 26 December 2023. This is illustrated in figure 2.
Figure 1. Map showing radiometric anomalies within the Mkuju Project and targets/deposits that will be drilled.
The Mtonya deposit – summary and Gladiators planned drilling
The previous drilling program was carried out by Uranium Resources Plc (URA) in 2011 and 2012 and used to support a mineral resource estimate, considered as a ‘foreign estimate’ and reported by Gladiator (refer GLA announcement dated 14 July 2022). A review of the data by the MSA Group revealed that some of the best zones of uranium mineralisation were left ‘open’ and that further drilling is required to test potential continuation of the uranium mineralisation. An example of this is provided in Figure 3. 2011/12 drillholes URAMT105 and 106 contain excellent mineralization which may extend to the northwest and will be tested with 1-2 holes in this direction. Gladiator will drill a number of holes to test this and other areas of the deposit that may contain significant extensions to the known mineralization.
This article includes content from Gladiator Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Gladiator Resources
Overview
Gladiator Resources (ASX:GLA) is an Australian explorer focused on uranium projects. The company’s portfolio of uranium assets covers 1,811 square kilometres located in Tanzania. The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland. Mkuju is the company’s flagship project, having the potential to host world-class uranium deposits given its proximity to the Nyota deposit, which contains 124.6 million pounds (Mlbs) U3O8. Nyota is regarded as one of the largest uranium deposits in the world.
The company is planning a 2024 drill program at Mkuju focusing on the South West Corner (SWC), Mtonya and Likuyu North targets. The 2024 drilling program will commence with initial core drilling at the SWC target, where 2023 trenching revealed up to 7,139 parts per million (ppm) U3O8. Additionally, drilling at Mtonya and Likuyu North will aim to explore potential extensions and new zones of the existing uranium deposits.
The Minjingu project is the other key focus area for Gladiator. This project compliments the company’s flagship Mkuju uranium project in southern Tanzania. Surface pit samples at the Minjingu project have returned high-grade uranium mineralization up to 269 ppm U3O8. Follow-up auger drilling is planned to understand the thickness of the mineralized layer and potential extension.
Tanzania is an ideal location for uranium mining due to its favourable geology. It is rich in uranium-bearing deposits, notably the Mkuju River project, among the world's largest undeveloped uranium reserves. The Tanzanian government’s mining-friendly policies, including taxation and quick permitting process, are encouraging for uranium miners. The presence of well-developed infrastructure, including several ports, makes it easy to transport uranium ore. Further, the country has a large and skilled workforce with graduates in various fields, such as geology and mining. These factors make Tanzania a favourable jurisdiction for uranium exploration and development.
Company Highlights
- Gladiator Resources is an ASX-listed exploration and mining company focused on uranium. The company operates eight exploration projects, mainly in Tanzania, covering a total area of 1,811 sq kms.
- The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland.
- Gladiator’s primary short term focus is on advancing the Mkuju project, located only 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world.
- The 2024 drill program at Mkuju will focus on the South West Corner (SWC) initially, where trench assay results received Dec/Jan 2023/24 confirmed high-grade uranium in sandstone, 1000’s ppm U3O8 in places.
- Further work is also planned at Mtonya and Likuyu North – also located within the promising Mkuju area.
- Tanzania is endowed with many uranium-bearing deposits and is known for its mining-friendly policies. The government offers attractive tax policies and quick permitting processes to encourage investment in the sector.
- The presence in relatively attractive uranium mining jurisdictions such as Tanzania positions the company to capitalize on opportunities in the uranium sector and deliver superior returns to its shareholders.
Key Projects
Mkuju Project
The project spans over 725 sq kms and is located 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world. Nyota hosts a measured and indicated mineral resource estimate of 187 metric tons (MT) at 306 ppm U3O8, containing 124.6 Mlbs U3O8. The deposit is being developed by global uranium company Uranium One. The Nyota deposit and the Mkuju project are underlain by sediments of the lower Karoo, which are considered highly prospective for uranium.
The 2024 drilling program, expected to commence in June 2024, will test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits at the Mkuju project.
- At Southwest Corner, the 2024 drilling will test the potential for down-dip extension of the recently trenched high-grade surface uranium. The surface samples here returned high-grade uranium mineralization, including 2.55 metres @ 2017 ppm U3O8, 0.75 metres @ 7,139 ppm U3O8, 2.35 metres @ 1,636 ppm U3O8, and 1.4 metres @ 3,945 ppm U3O8.
- At Mtonya, the drilling program will follow up on high-grade uranium intersections discovered in the previous drilling program carried out in 2011/2012. The 2011/12 drill holes URAMT105 and 106 contain excellent mineralization that may extend to the northwest and will be tested in the 2024 drilling program.
- At Likuyu North, the 2024 drilling program will focus on testing for potential new zones that could add to the existing JORC resource of 4.6 Mlb U3O8 JORC.
Minjingu Project
The Minjingu project covers an area of 296.9 sq kms It is situated in northern Tanzania, 106 kilometers southwest of Arusha, the region's main administrative city, and 520 kilometers northwest of Dar es Salaam. The project boasts excellent infrastructure, such as quality tarmac roads, power lines and airport services via both Arusha and Kilimanjaro.
Surface pit samples at the Minjingu project have returned uranium mineralization up to 269 ppm U3O8. This project compliments the company’s flagship Mkuju Uranium project in southern Tanzania, where high-grade trench results have recently been reported. Follow-up work is being planned to understand the thickness of the mineralized layer and potential extension.
South West Corner Project
The South West Corner license holds high-grade uranium deposits at shallow depths. It features a relatively concentrated 3.5 x 1.8 km radiometric anomaly and has a history of multiple instances of excellent grading. Previously owned by Mantra Resources, SWC underwent a successful takeover in 2011 by Uranium One for approximately AU$1 billion
Liwale Project
The Liwale project spans an area of 195 sq kms and is situated beyond the boundaries of the Nyerere National Park. It was formerly owned by both Mantra Resources and Uranium One.
Foxy Project
The Foxy Project spans an area of 299.7 sq kms and was formerly under the ownership of Western Metals. It is recognized for hosting uranium mineralization akin to that found in the Mkuju region. Positioned approximately 25 kms away from the Mkuju tenements at its nearest point, the company is in the process of acquiring historical data.
Eland Project
The Eland project encompasses 294.7 sq kms and was previously held by Western Metals. It is known for hosting uranium mineralization. The company is in the process of arranging to obtain historical data.
Management Team
Gregory Johnson – Non-executive Chairman
Gregory Johnson has over two decades of experience in capital markets, including fund management and capital raising. He has held senior capital raising and client relationship roles at Macquarie, Perpetual and Dimensional, and has led client services teams at Deutsche Bank, Credit Suisse and Macquarie Funds Management. At Gladiator, Johnson provides vast financial services experience, building relationships with existing and new investors.
Matthew Boysen – Non-executive Director
Matthew Boysen possesses significant expertise in marketing and communication. Over the past two decades, Boysen has made successful investments in numerous exploration, energy and mining companies, demonstrating a deep understanding of the agility necessary in the dynamic environment in which ASX mining companies operate.
Peter Tsegas – Non-executive Director
Peter Tsegas boasts over two decades of experience across Africa, collaborating with private enterprises and government entities on mining projects spanning various commodities, including uranium. He played a pivotal role in the acquisition of Gladiator's uranium projects. He has consulted with several Tanzanian government ministries and mining firms, including Rio Tinto. As the founder and former managing director of Tancoal Energy, he effectively steered the company from its exploration phase to establishing a joint venture with the Tanzanian Government, eventually leading to production. Presently, he serves as a non-executive director at Magnis.
Rod Chittendan – Non-executive Director
Rod Chittendan has over 40 years of experience in the minerals industry, spanning Africa, Australia and South America. He has held executive management positions and metallurgical project development roles covering the entire spectrum from exploration to production. He has played a key role in the advancement of Mantra Resources' Mkuju River uranium project and the development of Paladin Energy's (ASX:PDN) Langer Heinrich and Kayelekera uranium projects. Previously, he held positions with large mining companies such as Newcrest (ASX:NCM) and Barrick Gold (NYSE:GOLD).
Andrew Pedley – Non-executive Director
Andrew Pedley has over 25 years of experience as a geologist in Africa, progressing from roles as exploration manager to VP of exploration. His extensive uranium expertise is particularly pertinent to Gladiator. Pedley possesses specialized skills in uranium exploration and the delineation of uranium mineral resource estimates, adhering to JORC and ASX listing regulations. He has served as a competent person on numerous uranium projects. He holds a masters in geology from the Camborne School of Mines in England.
Andrew Metcalfe – Company Secretary
Andrew Metcalfe has served as a company secretary and governance advisor to ASX-listed companies for more than 25 years. He currently oversees the company secretary services within Gladiator Resources.
Clarification Announcement
C29 Metals Limited (ASX:C29) (C29, or the Company) released an announcement to ASX on 24 July 2024 titled “License Applications Lodged around Ulytau Uranium Project” (Announcement). Following discussions with the ASX, the Company retracts the information in respect of the foreign estimates and foreign exploration results included in the Announcement.
The foreign exploration results were previously disclosed pursuant to Question 36 of the ASX “Mining Reporting Rules for Entities: Frequently ASX Questions” (FAQ 36). The concession provided by FAQ 36 only applies to the initial announcement of an acquisition agreement and in any related communications. Thereafter, if any reference is made to the foreign exploration results in an announcement, ASX will regard an entity as reporting those results for the first time and it will have to do so in accordance with Chapter 5 of the Listing Rules and the JORC Code 2012. Accordingly, the Company retracts the information in respect to foreign exploration results included in the Announcement.
The foreign estimates are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimates as a mineral resource estimate in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource in accordance with the JORC Code 2012. Accordingly, the Company retracts the information in respect to foreign estimates included in the Announcement.
This announcement has been authorised by the Board of C29 Metals Limited.
Click here for the full ASX Release
This article includes content from C29 Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ur-Energy Inc. Announces Proposed Public Offering of Common Shares
Cantor is acting as the sole book-running manager for the offering.
Ur-Energy anticipates using the net proceeds from the offering to supplement working capital for the continued ramp-up at Lost Creek, to support development at Shirley Basin, for possible future acquisitions or other strategic transactions and for working capital and general corporate purposes, although its management will have broad discretion in the application of the net proceeds of the offering. Ur-Energy frequently evaluates acquisition opportunities to expand its portfolio of uranium projects.
The securities described above are being offered by Ur-Energy pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on July 19, 2023. A preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered will be filed with the SEC on July 25, 2024 and will be available on the SEC's website at http://www.sec.gov. Copies of the preliminary prospectus supplement (when available) and accompanying prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by e-mail at prospectus@cantor.com.
This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.
About Ur-Energy:
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. Ur-Energy has produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, its second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following its March 2024 ‘go' decision for construction of the mine. Ur-Energy awaits the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
Cautionary Note Regarding Forward-Looking Statements:
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the size and closing date of the proposed offering, the grant to the underwriters of the option to purchase additional shares and the use of proceeds from the offering) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, satisfaction of the conditions to closing of the offering, delays in obtaining required stock exchange or other regulatory approvals, commodity price volatility, the impact of general business and economic conditions, as well as other factors described in the public filings made by Ur-Energy at www.sec.gov and www.sedarplus.ca. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
For further information, please contact:
John W. Cash, Chairman, CEO and President
+1 720-981-4588, ext. 303
John.Cash@Ur-Energy.com
SOURCE: Ur-Energy Inc.
View the original press release on accesswire.com
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4th Quarter Activities and Appendix 5B
Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to provide shareholders with the Company’s Activities and Appendix 5B Cashflow Report for the quarter ending 30 June 2024.
HIGHLIGHTS
- Tanzanian Mining Commission approved BR Drilling Limited, the Company’s preferred contractor, for the drilling at the 100% Owned Mkuju Uranium Project
- Drilling commenced at the Mkuju Project in southern Tanzania with drilling to test the Southwest Corner (SWC) target and potential extensions to the Mtonya and Likuyu North deposits. All drilling will be by diamond core to maximise geological observation and data quality.
- At the SWC target highly mineralized intervals are observed in the core close to surface in 2 holes of the 4 completed.
- At the Likuyu North deposit, a 370 line-km ground magnetic survey is nearing completion.
Figure 1. Map showing Gladiator's Uranium Projects in Tanzania
MKUJU URANIUM PROJECT
The Prospecting Licenses (PLs) of the Mkuju Project cover 725 km2 as shown in Figure 2 and include two existing uranium deposits and several exploration prospects. The area is 20-30 km south of the Nyota deposit. Nyota hosts a Measured and Indicated Mineral Resource Estimate of 187 Mt at 306 ppm U3O8 containing 124.6 Mlbs U3O8. Nyota is being developed by global uranium company Uranium One. The Nyota deposit and the deposits and prospects on the Mkuju Project are underlain by continental sediments of Triassic aged sediments of the Karoo Supergroup which are considered highly prospective for uranium. Drilling commenced during June 2024. 4 holes have been completed at the SWC target.
Click here for the full ASX Release
This article includes content from Gladiator Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Global Atomic Announces Private Placement upsized to C$20 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) is pleased to announce that due to significant investor demand, the Company has increased the maximum gross proceeds of its previously announced non-brokered private placement (the " Offering ") from C$15,000,000 to C$20,000,000. Under the revised Offering, the Company will sell 14,814,815 units of the Company (each, a " Unit ") at a price of C$1.35 per Unit. Red Cloud Securities Inc. is acting as a finder in connection with the Offering.
Each Unit will consist of one common share of the Company (each, a " Common Share ") and one common share purchase warrant (each whole warrant, a " Warrant "). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$1.80 for a period of 24 months following the issue date. The Warrants shall be subject to an acceleration clause whereby if (i) the 10-day volume weighted average price of the Common Shares is above C$2.50 and, (ii) within a period of 5 trading days following the date the Company provides a notice via widely disseminated press release, the expiry date of the Warrants shall be accelerated to the date that is 30 days from the date of the aforementioned press release.
The Company intends to use to use the net proceeds from the Offering for the advancement of the Company's Dasa Project and for general working capital purposes.
The Units are being offered on a private placement basis to purchasers in all provinces of Canada pursuant to the accredited investor and minimum investment amount exemptions under National Instrument 45-106 — Prospectus Exemptions. The Units will also be offered to purchasers resident in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
The closing of the Offering is expected to occur on or around July 31, 2024 and is subject to receipt of all necessary regulatory approvals including the Toronto Stock Exchange (the " TSX "). Finder's fees will be payable in accordance with the policies of the TSX.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.
Key contacts:
Stephen G. Roman Chairman, President and CEO Tel: +1 (416) 368-3949 Email: sgr@globalatomiccorp.com | Bob Tait VP, Investor Relations Tel: +1 (416) 558-3858 Email: bt@globalatomiccorp.com |
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to: statements with respect to the completion of the Offering and the timing in respect thereof, the use of proceeds of the Offering, and timely receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and Global Atomic's development potential and timetable of its operations, development and exploration assets. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to Global Atomic's ability to raise additional funds on satisfactory terms to the Company; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; impacts of third-parties and Government policies on the Company's operations; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks those risks described in the annual information form of Global Atomic and in its public documents filed on SEDARplus.ca from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
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Rights Entitlement Offers Underwritten to $1.6M
Shareholders will also be invited to apply for additional New Shares under the Shortfall Offer which will be allocated at the Company’s discretion in conjunction with the Lead Manager.
In addition, existing GTRO option holders will be offered one (1) New Option for every four (4) GTRO Options, owned on the relevant record date, at an issue price of $0.0005 per New Option to raise up to $57,798.39 (Priority Option Offer), with the issue of New Options under the Priority Option Offer subject to shareholder approval (the Entitlements Issue Offer and Priority Option Offer are together the Entitlement Offers).
Further details with respect to the Entitlement Offers are set out in a prospectus which has been lodged with ASIC and ASX today (Prospectus). The Prospectus also contains additional offers for options that are free attaching to placement shares (the placement having been announced on 19 June 2024) and options to be issued to CPS Capital Group Pty Ltd (CPS) which has acted as lead manager to the Entitlement Offers and Placement.
CPS has also agreed to partially underwrite the Entitlement Offers to $1,600,000. Pursuant to the underwriting agreement, the Company has agreed to pay CPS a fee of 6% on the amount raised under the Entitlement Issue Offers (plus GST) and the Company will also issue to CPS, or its nominee up to 336,663,139 New Options, being one (1) New Option for every three (3) Shares taken-up and/or placed in the Placement and Entitlement Issue Offer subject to Shareholder approval (Broker Options).
CPS or its nominee/s will also receive a 6% fee and 40,000,000 New Options for managing and placing the Placement securities (Lead Manager Options). CPS will receive a monthly corporate advisory fee of AUD$8,000.00 plus GST, per month, plus a one-off completion fee of $20,000, plus GST, upon completion of the Placement and Entitlement Offers. The Lead Manager and Broker Options will be issued subject to shareholder approval.
Click here for the full ASX Release
Entitlement Issue Prospectus
This Prospectus contains the following offers:
(a) a pro-rata non-renounceable entitlement issue of one (1) New Share for every five (5) existing Shares held by those Shareholders registered at the Record Date at an issue price of $0.0045 per New Share to raise up to $2,294,952.38 (before costs), together with one (1) free attaching listed New Option for every three (3) New Shares subscribed for and issued (Entitlement Issue Offer);
(b) an offer of 166,666,667 New Options to eligible sophisticated and institutional investors who participated in the Placement announced on 19 June 2024 (Placement), representing one (1) free attaching New Option for every three (3) Shares placed under the Placement (Placement Options Offer) with the issue of the Placement Options remaining subject to shareholder approval;
(c) an offer of one (1) New Option for every four (4) listed GTRO Options owned on the record date at an issue price of $0.0005 per New Option to raise up to $57,798.39 (Priority Option Offer), with the issue of New Options under the Priority Option Issue subject to shareholder approval;
(d) one (1) New Option for every three (3) Shares placed in the Placement and Entitlement Issue Offer to the Lead Manager (and or its nominee/s) issued at $0.000001 per New Option (Broker Offer), with the issue of the New Options under the Broker Offer subject to shareholder approval; and
(e) 40,000,000 New Options to the Lead Manager (and or their nominee/s) issued at $0.000001 per New Option (Lead Manager Offer), with the issue of the New Options under the Lead Manager Offer subject to shareholder approval.
The Entitlement Issue Offer and the Priority Option Offer are partially underwritten to $1,600,000 by CPS Capital Group Pty Ltd (ABN 73 088 055 636) (AFSL: 294848). Refer to Section 5.4 for details regarding the terms of the Underwriting Agreement.
Click here for the full ASX Release
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