ATHA Energy Sees 92 Energy Shareholders Approve Of Merger
FULL DISCLOSURE: This is sponsored content for ATHA Energy.
ATHA Energy (TSXV: SASK) has obtained shareholder approval for its acquisition of 92 Energy Limited, pushing the company near to the finish line of its major three-way transaction announced in December of last year.
92 Energy saw 99.65% of the votes cast by shareholders approve of the transaction, which will see shareholders receive 0.5834 of an ATHA share for each share they hold in 92 Energy. At the time of announcement, the figure represented approximately C$0.58 per share, a 78% premium to the price of the equity prior to announcement.
With the closing of the acquisition of 92 Energy, ATHA will see its total uranium land holdings expanded to 7.1 million acres across three districts in Canada. The holdings represent the largest exploration portfolios in some of the highest grade districts globally, including the Athabasca Basin and the Thelon Basin.
READ: ATHA Energy Reveals 2024 Exploration Plans, Including 10,000+ Metres Of Drilling
92 Energy specifically brings to the table its Gemini uranium discovery, which was identified in 2021 in the Athabasca Basin. The discovery has been defined over a 250 metre by 290 metre footprint, with intersects including 43.0 metres of 0.62% U3O8 in hole GEM22-025, and 0.5 metres of 9.7% U3O8 in hole GEM23-061.
The discovery is said to consist of basement hosted uranium, which begins at depths of just 60 metres and extends as far as 280 metres below surface. Parallel zones of mineralization are also suspected of being present, with the structure said to have numerous analogues to the initial discovery, while the discovery as a whole is said to be analogous to the Rabbit Lake project.
READ: Anfield, ATHA Energy Added To Uranium Mining Index
The acquisition of 92 Energy remains subject to the approval of the TSX Venture and the Federal Court of Australia, among other customary closing conditions.
ATHA Energy last traded at $0.79 on the TSX Venture.
FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
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