MLT Aikins LLP is pleased to act as Canadian legal adviser to ATHA Energy Corp. (“ATHA”) on two large public Canadian M&A transactions.
On December 7, 2023, Vancouver-based uranium exploration company, ATHA (CSE: SASK) (FRA: X5U) (OTCQB: SASKF), announced that it has entered into a definitive arrangement agreement with Latitude Uranium Inc. (CSE: LUR) (“Latitude”), pursuant to which ATHA proposes to acquire all of Latitude’s issued and outstanding common shares by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the “Latitude Arrangement”).
In addition to the Latitude Arrangement, ATHA has also entered into a binding scheme implementation deed with 92 Energy Limited (ASX: 92E) (“92E”), pursuant to which ATHA proposes to acquire all of the issued and outstanding fully paid ordinary shares of 92E by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (the “92E Arrangement” and together with the Latitude Arrangement, the “Transactions”).
In connection with the Transactions, ATHA has further announced that it proposes to complete one or more equity financings to raise up to $22,840,000.
The Transactions are expected to result in ATHA possessing one of the largest uranium exploration portfolios in Canada. The combined company following the completion of the Transactions is expected to provide shareholders with exposure to 7.1 million acres of exploration acreage spread across Canada’s top three uranium jurisdictions, representing one of the largest exploration portfolios in some of the highest-grade uranium districts in the world.
Troy Boisjoli, Chief Executive Office of ATHA commented:
“We are thrilled for ATHA to have such an incredible opportunity to create Canada’s premier exploration company during a period where the world’s increasing adoption of nuclear energy is calling for new supplies of uranium.
By combining highly complementary exploration assets from across the exploration risk curve in top-tier Canadian mining jurisdictions, we believe the combined entity will own one of the most complete portfolios of uranium assets in the entire sector and are thrilled to be able to leverage the combined team’s technical and financial resources to maximize the value of this opportunity.”
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. ATHA holds the largest cumulative exploration package in each of the Athabasca Basin and Thelon Basin, two of the world’s most prominent basins for uranium discoveries, with 6.1 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin operated by NexGen Energy Ltd. (TSX: NXE) and Iso Energy Ltd. (TSX‐V: ISO).