REG-Base Resources Limited: Update on regulatory approvals for proposed combination with Energy Fuels

Base ResourcesAnnouncement

02/07/2024 07:15

 

 

 

AIM and Media Release 

2 July 2024

 

Base Resources Limited 
Update on regulatory approvals for proposed combination with Energy Fuels

 

Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company)
provides the following update in relation to its proposed combination with
Energy Fuels Inc. (Energy Fuels) to create a global critical minerals company
with a focus on rare earth elements, heavy mineral sands, uranium and vanadium
production (Proposed Combination), to be effected by way of scheme of
arrangement (Scheme). 

 

Regulatory approvals

 

On 1 July 2024, the Company received notice from the Competition Authority of
Kenya that it has approved the Proposed Combination pursuant to the
Competition Act of Kenya (No. 12 of 2010).  As the approval provided was
unconditional, the relevant condition precedent to implementation of the
Scheme has been satisfied.

 

The other regulatory approval conditions precedent to implementation of the
Scheme concern applications to Australia’s Foreign Investment Review Board
and the Malagasy Competition Council, each of which remain under review by the
relevant regulatory body.

 

Scheme Booklet despatch and updated timetable

 

The Scheme Booklet to be provided to shareholders is well advanced, with
despatch targeted for early August following the First Court Hearing.  The
Scheme Booklet will contain key information about the Proposed Combination and
the Scheme, an Independent Expert’s Report and will formally convene the
meeting of shareholders to consider the Scheme (Scheme Meeting).  An updated
indicative timetable for the Proposed Combination is below.

 

Base Resources Directors continue to unanimously recommend that shareholders
vote in favour of the Proposed Combination in the absence of a superior
proposal and subject to the Independent Expert concluding, and continuing to
conclude, that the Scheme is in the best interests of Base Resources
shareholders.

 

 Event                                                                                  Indicative timing  
 First Court Hearing to approve the Scheme Booklet and formally convene Scheme Meeting  Early August       
 Despatch of Scheme Booklet to Base Resources Shareholders                              Early August       
 Scheme Meeting                                                                         Early September    
 Second Court Hearing                                                                   Mid-September      
 Effective Date                                                                         Mid-September      
 Record dates for Scheme and Special Dividend                                           Mid-September      
 Special Dividend Payment Date                                                          Late September     
 Implementation Date                                                                    Late September     

 

ENDS.

 

For further information contact:

 Australian Media Relations        UK Media Relations             
 Morrow Sodali                     Tavistock Communications       
 Cameron Gilenko and Michael Weir  Jos Simson and Gareth Tredway  
 Tel: +61 8 6160 4900              Tel: +44 207 920 3150          

 

This release has been authorised by the Base Resources Disclosure Committee.

 

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer
and developer with a track record of project delivery and operational
performance.  The Company operates the established Kwale Operations in Kenya
and is developing the Toliara Project in Madagascar.  Base Resources is an
ASX and AIM listed company.  Further details about Base Resources are
available at www.baseresources.com.au.

 

PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

 

NOMINATED ADVISER & JOINT BROKER
Canaccord Genuity Limited
James Asensio / Raj Khatri / George Grainger
Phone: +44 20 7523 8000

 

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800



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