JOHANNESBURG (miningweekly.com) – Australia’s Anatolia Resources, which is merging with US-based Uranium Resources to fast-track to production, reported on Tuesday that the two companies had executed a binding loan agreement.
Uranium Resources would provide a secured loan of up to A$2-million to Anatolia to allow the company to continue to progress the Temrezli project, in Turkey, which the companies aimed to bring into production as quickly as possible. The working capital would also be used to cover costs associated with the merger.
Under the terms of the merger, which was announced on June 4, Uranium Resources will acquire full control of Anatolia by offering shareholders 0.06579 of its own shares for every one Anatolia share held. On completion of the merger, Anatolia shareholders will hold a 40.6% interest in the combined entity and Uranium Resources shareholders 59.4%.
Anatolia reported that the timetable for the merger remained on track. The companies expected the effective date of the transaction to be September 17, 2015.
The directors of both companies recommended that shareholders vote in favour of the transaction.