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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Uranium

ATHA Energy applies for listing on TSX Venture Exchange, gives update on 92 and Latitude merger

The company expects to complete it acquisition of the two Canadian uranium operators by the end of H1

ATHA Energy applies for listing on TSX Venture Exchange, gives update on 92 and Latitude merger
92 Energy CEO Siobhan Lancaster presents at the Resources Rising Stars conference in Australia last November. Photo credit: 92 Energy Limited

The top Saskatchewan uranium explorer ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) has applied to list its shares on the TSX Venture Exchange and is making progress with its proposed merger.

The company announced its application on Thursday. The TSX Venture Exchange has more stringent listing requirements than the Canadian Securities Exchange does and has a higher trading volume too.

ATHA says that it expects to satisfy CSE requirements for its pending acquisition of Latitude Uranium Inc. (CSE: LUR) and 92 Energy Limited (ASX: 92E) through a written resolution sent by the majority of its shareholders. The company has accordingly cancelled a previously announced shareholder meeting as it is no longer necessary.

Once the acquisition is completed, the combined uranium operator will have 7.1 million acres of exploration territory in Nunavut, Labrador and the Athabasca Basin. ATHA will become a go-to name in the uranium mining industry.

“This merger helps realize the true value of 92 Energy assets while combining three excellent teams that have the resources to pursue uranium exploration at an unprecedented scale,” 92 Energy CEO Siobahn Lancaster said last month. ATHA expects to close its acquisition of 92 Energy by the end of Q2 and Latitude by the end of this quarter.

Read more: ATHA Energy discovers strong uranium mineralization at North Valour-East

Read more: ATHA Energy closes C$23.5M financing, continues exploration with stronger balance sheet

ATHA to complete C$14 million financing for merger

A C$14 million financing is currently in the works for ATHA’s merger with the two other Canadian uranium companies. IsoEnergy Ltd. (TSX‐V: ISO) and Mega Uranium (TSX: MGA) will be making significant contributions to it.

ATHA currently benefits from a 10 per cent carried interest on certain portions of IsoEnergy and NexGen Energy Ltd’s (TSX: NXE) land package in the Athabasca Basin.

Last week, ATHA discovered substantial uranium mineralization in several areas of its North Valour-East project in the jurisdiction.

“Today’s news complements the transformational transaction recently announced with 92 Energy and Latitude Uranium,” Troy Boisjoli, CEO of ATHA, said.

At the end of 2023, ATHA closed a C$23.5 million private placement. The company’s balance sheet is looking quite good for 2024 and will continue to have favourable numbers in 2025.

In November, ATHA identified 18 high-priority uranium targets to pursue in the Athabasca Basin after completing the region’s largest-ever electromagnetic survey. The company will soon have more targets in other Canadian jurisdictions.

 

ATHA Energy is a sponsor of Mugglehead news coverage

 

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