This new ownership structure ensures that we have a better opportunity to fund the future development of the Project, which is aligned with the long term interests of our shareholders.
Perth, Western Australia (PRWEB) May 08, 2013
Turkish uranium explorer and ASX listed Anatolia Energy Limited (“Anatolia”) (ASX:AEK) is pleased to announce that it has received notice of regulatory approval to acquire 100% of the Temrezli Uranium Project (“the Project”) in Turkey by merging its wholly owned subsidiary Anatolia Uranium (BVI) Limited (“AUBVI”) and its joint venture partner Vetter Uranium Ltd (“Vetter”) (both incorporated in the British Virgin Islands) with AUBVI to become the surviving company.
On 23 April 2013, Vetter shareholders approved the Merger Implementation Agreement (“Merger”) at Vetter’s General Meeting.
Following receipt of regulatory approval, the Merger has now taken full effect resulting in Anatolia holding 35% of Anatolia Uranium Pty Ltd (“AUL”) and its 100% subsidiary AUBVI holding the remaining 65%, thereby providing Anatolia with 100% ownership of AUL and 100% of the Project.
Under the terms of the original Farm-In Joint Venture Agreement with Vetter, Anatolia had the right to acquire up to a 75% interest in AUL by spending a further A$8 million on the Project and an obligation to sole fund the JV up to an additional $5 million until the earlier of the date JV expenditure totals A$20 million or the date a decision to mine is taken. Therefore, the Merger has precluded Anatolia from the potential for additional JV expenditure of up to A$13 million.
The Merger consists of issuing 1 Anatolia share for every outstanding Vetter share which will result in a total issue of 11,513,223 Anatolia shares. This represents an increase in issued ordinary shares of 7.1%, to achieve an increase in project ownership from 35% to 100%. Anatolia is rapidly advancing the preliminary economic assessment on the Temrezli project and has recently outlined new uranium mineralisation at Sefaatli and West Sorgun. Following the merger, Anatolia’s shareholders will receive the full benefit of these advancements as 100% owners of the Turkish assets.
Anatolia’s Managing Director Jim Graham said, “The rationale behind the Merger is to own 100% of the Project, which, following the successful drilling and hydrological test work earlier this year, creates a clear path to production. The Merger simplifies the ownership structure of the Project while providing Anatolia with a potential saving of up to A$13 million in future JV expenditure. This new ownership structure ensures that we have a better opportunity to fund the future development of the Project, which is aligned with the long term interests of our shareholders.”