09:47 AM EDT, 03/18/2024 (MT Newswires) -- (Updates shares following Canadian market open.)

Global Atomic ( GLATF ) shares were last seen down 28% after the company on Monday said it is waiting on further information after the Republic of Niger said it will end military cooperation with the United States, which has a large military base in the African country.

The company is developing its Dasa uranium project in the country and seeking financing for the high-grade mine.

On the weekend, the Niger government said the 2012 agreement with the United States that established the base was imposed on the country and is a violation of Niger's sovereignty, according to a CNN report.

"With the situation in Niger being fluid, in addition to current advanced discussions with project lenders, the Company is also pursuing other financing strategies to meet its project funding requirements. Given strong third-party interest in Global Atomic's ( GLATF ) high-grade uranium project and our plans for near-term production, there are many groups interested in funding the Dasa Project. The Company will assess these options, monitor events in Niger and keep shareholders appraised," chief executive Stephen Roman said in a release.

Global Atomic ( GLATF ) shares were last seen down C$0.87 to C$2.26 on the Toronto Stock Exchange.

Price: 2.28, Change: -0.85, Percent Change: -27.16