07:45 AM EDT, 06/17/2024 (MT Newswires) -- Global Atomic ( GLATF ) on Monday provided an update on the Dasa uranium project in the Republic of Niger, including progress in its financing options and engagement with government officials during a visit to Niger.

A proposed US$295 million debt financing led by a U.S. development bank is advancing to the approval stage. The bank is completing the final documentation to submit to its credit committee for approval, which is scheduled to occur in mid-July.

"We believe that the advancement of the Dasa project aligns with the strategic priorities of the United States government and its efforts to secure uranium supply and reduce dependence on Russia," said Global Atomic ( GLATF ) President and CEO Stephen Roman. "We believe the U.S. government recognizes the significance of the Dasa project and its meaningful contribution to global uranium supply diversification."

The company has also received approaches for pre-payments on uranium delivery contracts, a strategic equity investment from financial institutions and private equity firms, a minority joint venture investment at the project level and equity financing from investment banks.

Global Atomic ( GLATF ) is considering the funding options available and intends to advance several of the options to determine the preferred funding structure.

Company executives also met with government officials including the Mines Minister of Niger, Commissaire Colonel Ousmane Abarchi, during their recent visit to the country. The mines minister confirmed his support for Dasa and offered his office's assistance to streamline administrative bottlenecks and facilitate timely importation of supplies and equipment, the company said.

The executives also attended a meeting of the SOMIDA Board of Directors, where the company's new board chairman Abdourazakou Abdou Moumouni, who represents the office of the President of Niger, was appointed.