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TORONTO, Feb. 24,
2023 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company") (TSX: GLO) (FRANKFURT: G12) announced
today that further to its news release dated February 14, 2023 an appeal of the orders granted
last week against the Company's Niger subsidiary, SOMIDA S.A., was heard today
in the Appeals Court in Tahoua, Niger. It is anticipated that the court will
issue its decision on the appeal shortly.
Global Atomic also announced that it has agreed to terminate the
underwritten public offering previously announced on January 25, 2023. The termination results from an
assessment that current market conditions resulting from the
uncertainty surrounding the proceedings involving SOMIDA in
Niger are not conducive for
completing an offering on terms that would be in the best interests
of the Company's shareholders. Following the outcome of the appeal,
the Company will assess financing options. The debt component of
the Dasa Project Financing continues to progress with further news
expected at the end of Q1, 2023.
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a
publicly listed company that provides a unique combination of
high-grade uranium mine development and cash-flowing zinc
concentrate production.
The Company's Uranium Division includes four deposits with the
flagship project being the large, high-grade Dasa Project,
discovered in 2010 by Global Atomic geologists through grassroots
field exploration. With the issuance of the Dasa Mining Permit and
an Environmental Compliance Certificate by the Republic of
Niger, the Dasa Project is fully
permitted for commercial production. The Phase 1 Feasibility Study
for Dasa was filed in December 2021
and estimates yellowcake delivery to utilities to commence in
2025. Mine excavation began in Q1 2022.
Global Atomic's Base Metals Division holds a 49% interest in the
Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a
modern zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric
Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide
concentrate which is sold to zinc smelters around the world. The
Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds
a 51% interest in and is the operator of the BST Joint Venture.
Befesa is a market leader in EAFD recycling, with approximately 50%
of the European EAFD market and facilities located throughout
Europe, Asia and the United
States of America.
The information in this release may contain forward-looking
information under applicable securities laws. Forward-looking
information includes, but is not limited to: statements with
respect to completion of any proposed financings; Global Atomics'
development potential and timetable of its operations, development
and exploration assets; Global Atomics' ability to raise additional
funds on satisfactory terms to the Company; the future price of
uranium; the estimation of mineral reserves and resources; the
completion and timing of the MRE; conclusions of economic
evaluation; the realization of mineral reserve estimates; the
timing and amount of estimated future production, development and
exploration; impacts of third-parties and Government policies on
the Company's operations; cost of future activities; capital and
operating expenditures; success of exploration activities; mining
or processing issues; currency exchange rates; government
regulation of mining operations; and environmental and permitting
risks. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "is expected", "estimates", variations of such words
and phrases or statements that certain actions, events or
results "could", "would", "might", "will be taken", "will begin",
"will include", "are expected", "occur" or "be achieved". All
information contained in this news release, other than statements
of current or historical fact, is forward-looking
information. Statements of forward-looking information
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Global Atomic to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to those risks described in
the annual information form of Global Atomic and in its public
documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and
estimates of management at the date such statements are made.
Although management of Global Atomic has attempted to identify
important factors that could cause actual results to be materially
different from those forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance upon
forward-looking statements. Global Atomic does not undertake
to update any forward-looking statements, except in accordance with
applicable securities law. Readers should also review the
risks and uncertainties sections of Global Atomics' annual and
interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this news
release.
SOURCE Global Atomic Corporation
