02:52 PM EDT, 06/24/2025 (MT Newswires) -- Baselode Energy ( BSENF ) on Tuesday entered into a definitive arrangement agreement that will see it buy all of the issued and outstanding common shares of Forum Energy Metals ( FDCFF ) as part of a "refreshed strategy to pursue uranium discoveries within one of the world's most prospective and emerging uranium districts, Canada's Thelon and Athabasca Basins."

The combined company will continue under the name Geiger Energy Corporation and will trade on the TSX Venture Exchange with the ticker symbol "BEEP".

At last look Baselode was slightly lower, Forum down 25% at near 52 week lows, on the news.

Under the terms of the agreement, Forum shareholders will receive 0.3535 common shares of Baselode in exchange for each Forum common share held immediately prior to the effective time of the arrangement. Upon completion of the deal, near 109.4 million common shares of Baselode will be issued to Forum shareholders, with a deemed value of more than $13.1 million as of Baselode's share price at close on June 23.

The combined company will have a total of near 243.8 million common shares outstanding, with existing Baselode shareholders and former Forum shareholders owning about 55% and 45% of the outstanding common shares of the combined company, respectively.

Completion of the arrangement is subject to approval by the Supreme Court of British Columbia and the affirmative vote of Forum shareholders at a special meeting that is expected to be held in August 2025.

Forum Chief Executive Rebecca Hunter who will continue in the same role at Geiger, said: "Most importantly, it enables us to unlock the full exploration potential of the Aberdeen Project starting this summer. With our combined resources and a shared vision, we are now positioned to advance the Aberdeen Project through a comprehensive and appropriately scaled drill program aimed at delivering what we believe to be a significant discovery opportunity."

James Sykes, President and Chief Executive Officer of Baselode, said the deal offers a "unique opportunity with incredible upside potential for shareholder growth and value creation through large-scale, high-grade uranium discovery potential on the Parties flagship properties; Aberdeen and Hook."

The companies entered into a concurrent earn-in agreement to enable immediate drilling at Aberdeen in Nunavut, whereby Baselode will fund this activity in exchange for a percentage interest in the project. However, when the arrangement is completed and receives shareholder approval, the earn-in agreement will effectively be terminated, as the newly combined entity, Geiger, will own 100% of Aberdeen.

Shares of Baselode were last seen down 4.2% at $0.115, whereas shares of Forum Energy were down 25% at $0.045 on the TSXV.