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precedent in the scheme implementation deed announced on October 6, provided the confirmation is not varied or withdrawn before the second court hearing.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.
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