Junior Australian uranium companies Lotus Resources Limited and A-Cap Energy Limited have agreed a merger to create "a leading African-focused uranium player with significant scale and resources". The Kayelekera mine in Malawi (Image: Lotus) The two Perth-based companies have signed a Scheme Implementation Deed, under which they propose to merge by way of a court-approved scheme of arrangement between A-Cap and its shareholders. Under the Share Scheme, Lotus will acquire 100% of the A-Cap shares. Each A-Cap shareholder will receive 1 new Lotus fully paid ordinary share for every 3.54 fully paid ordinary A-Cap shares held on the Share Scheme record date. If the Share Scheme is approved and implemented, Lotus shareholders will hold about 79% of the merged group with A-Cap shareholders holding 21.0%.
The merger will combine Lotus’s production-ready Kayelekera uranium project in Malawi with A-Cap’s future large-scale growth asset, the Letlhakane uranium project in Botswana.
"Combining the […]
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