Lotus Resources Limited (ASX: LOT | OTCQB: LTSRF) has announced that the Federal Court of Australia has approved the scheme of arrangement between A-Cap and its shareholders, under which Lotus will acquire 100% of the shares on issue in A-Cap.
The court also approved the separate scheme of arrangement between A-Cap and its listed option holders.
The share scheme and the option scheme have been lodged with the Australian Securities and Investment Commission, making the scheme legally effective, and the implementation date has been confirmed as 7 November 2023.
Keith Bowes, managing director, commented, “We are exceptionally pleased that the merger has now become legally effective, with implementation scheduled to occur next week. This merger delivers Lotus a vastly increased resource base of 241Mlb uranium, the bulk of which is located in the top two global mining jurisdiction of Botswana.”
“Although Lotus remains focused on restarting the Kayelekera Project as soon as it practicable, there is significant work that can be done on Letlhakane in the short term to optimize the value of the project, using Lotus’s proven uranium expertise and skills.”
The Lotus and A-Cap merger forms a leading uranium player with significant scale and resources, positioning Lotus for a market re-rating to bring it inline with ASX listed peers a EC/lb resource basis. Lotus expects its enlarged project portfolio to be significantly more attractive to potential offtake partners and financiers.
To find out more, please visit www.lotusresources.com.au
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