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
