Australia’s FIRB clears Snow Lake’s takeover plan for Global Uranium and Enrichment
The Australian Foreign Investment Review Board (FIRB) has cleared the proposed takeover of Global Uranium and Enrichment (GUE) by Snow Lake Resources, GUE said on Wednesday.
Snow Lake, listed on Nasdaq, is seeking to acquire all GUE shares it does not already own and cancel all unlisted GUE options in exchange for new Snow Lake warrants, under parallel share and option schemes of arrangement.
GUE said FIRB confirmed the Commonwealth had no objection to Snow Lake acquiring up to a 21.90% interest in Ubaryon, a national security business indirectly held through GUE, nor to U-235 Enrichment, a GUE subsidiary, acquiring an equivalent interest. Both actions are classed as notifiable national security actions under section 55B of the Foreign Acquisitions and Takeovers Act.
The FIRB “no objection letter” will satisfy a key condition precedent in the scheme implementation deed announced on October 6, provided the confirmation is not varied or withdrawn before the second court hearing.
The schemes remain subject to several other conditions outlined in the implementation deed.
GUE and Snow Lake are 50:50 joint venture partners on the Pine Ridge uranium project in the Powder River Basin of Wyoming.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
















