GoviEx Uranium Inc. has achieved a significant milestone by finalizing its previously announced arrangement with Tombador Iron Limited. This arrangement complies with the provisions of the Business Corporations Act in British Columbia, resulting in GoviEx becoming a wholly-owned subsidiary of Tombador. The newly formed entity is expected to re-emerge on the Australian Securities Exchange (ASX) under the name Atomic Eagle Ltd., with the ticker symbol AEU, around November 20.
A special meeting held on October 24 saw overwhelming approval from GoviEx shareholders, warrantholders, and optionholders. Approximately 98.7% of votes cast by GoviEx shareholders supported the arrangement, with 99.2% of all securityholders backing the decision. This substantial majority far exceeded the two-thirds requirement for approval. The final court order from the Supreme Court of British Columbia, confirming the arrangement, was issued on November 5.
Details of the arrangement
Under the terms of the arrangement, each holder of a GoviEx common share will receive 0.2534 fully-paid ordinary shares in Tombador. This exchange represents the consideration shares each GoviEx shareholder is entitled to. The arrangement also stipulates that replacement options of Tombador will be issued to GoviEx optionholders and warrantholders, maintaining equivalent economic terms.
As a result of this arrangement, GoviEx shares will be officially delisted from the TSX Venture Exchange and the OTCQB Venture Market effective at the close of business on November 14. Additionally, GoviEx plans to apply for the cessation of its reporting issuer status in all Canadian jurisdictions where it is currently recognized.
Next steps for shareholders
Registered shareholders of GoviEx are urged to complete and submit the letter of transmittal alongside their share certificates or direct registration system advice to Computershare Investor Services Inc., the designated depositary. This action is necessary to receive the consideration due under the arrangement. For those who are non-registered shareholders, it is recommended to reach out to their brokers or custodians for assistance in the submission process to acquire the new Tombador shares.
Upon completion of the exchange, holding statements for the new consideration shares will be distributed to all eligible shareholders, while holding statements for the replacement options will also be provided to optionholders and warrantholders.
About GoviEx Uranium
GoviEx Uranium Inc., trading under the symbols TSXV: GXU and OTCQB: GVXXF, is committed to the exploration and development of uranium properties, primarily in Africa. With a focus on sustainable growth, GoviEx aims to establish itself as a significant player in the uranium production sector through the advancement of its mine-permitted Muntanga Project in Zambia.
Any registered shareholders with inquiries regarding the letter of transmittal process can contact Computershare toll-free at 1-800-564-6253 within North America or at 1-514-982-7555 from outside North America. Alternatively, they may reach out via email at corporateactions@computershare.com.
Cautionary notes regarding forward-looking statements
This announcement may contain forward-looking statements which encompass various risks and uncertainties. Such statements extend beyond historical facts and include anticipated outcomes related to the arrangement and future operational expectations of both GoviEx and Tombador. Words such as “will,” “may,” “expect,” and similar expressions indicate a forward-looking context. Readers should not place excessive reliance on these statements, as actual results may differ markedly from those projected due to unforeseen factors.
For further insights into GoviEx’s operations and future plans, stakeholders are encouraged to review the detailed management information circular available on SEDAR+.