Mining Weekly reported that Cauldron Energy, which plans to create a uranium-focused entity, announced on Monday that it plans to launch a takeover offer for Energia Minerals. The offer was a 30% premium to Energia share’s closing price or 1 share per 8 Energia shares.
As quoted in the market news:
Energia currently had an inferred mineral resource of 16.9-million tons, at 350 parts per million uranium oxide (U3O8) for 13-million pounds of U3O8 at the Carley Bore deposit at its Nyang project.
Cauldron, in turn, recently announced an exploration target of between 30-million and 115-million pounds of U3O8 at its wholly owned Yanrey project, in Western Australia, which is adjacent to the Nyang deposit.