04:01 PM EST, 03/07/2024 (MT Newswires) -- ATHA Energy Corp. ( SASKF ) and Latitude Uranium Inc. ( LURAF ) announced Thursday the successful completion of the previously announced arrangement whereby ATHA has acquired 100% of the issued and outstanding common shares of Latitude Uranium ( LURAF ), making it a wholly owned subsidiary of ATHA.

Latitude Uranium ( LURAF ) shareholders received 0.2769 common shares of ATHA (each whole share, an ATHA share) for each LUR Share held. In aggregate, ATHA issued approximately 64.4 million ATHA Shares under the arrangement.

Troy Boisjoli, CEO of ATHA, said in a statement, "We are very excited about the prospect of further exploration and development across multiple high-grade uranium jurisdictions, with the objective of defining the next generation of world-class uranium assets."

In addition, the escrow release conditions in relation to the 4 million subscription receipts issued in connection with ATHA's private placement of flow-through ATHA shares and subscription receipts have been met.

As a result, each outstanding subscription receipt has been converted into one ATHA share and the net proceeds from the offering have been released from escrow.

Philip Williams, Executive Chairman of Latitude Uranium ( LURAF ), said in a statement, "The closing of the Merger between Latitude Uranium ( LURAF ) and Atha begins a new era of opportunity for LUR shareholders, who can now expect to benefit from multi-basin uranium exploration in Canada. With significant funding and an exceptional team in place, Atha stands ready to accelerate exploration at Angilak, and drive additional discoveries in the Athabasca Basin and the Central Mineral Belt."

Price: 0.92, Change: +0.02, Percent Change: +2.22