GoviEx Uranium Announces Transformational Reverse Takeover of Tombador Iron Limited, Unlocking ASX Listing and A$10.4 Million in Cash Reserves

Core Viewpoint - GoviEx Uranium Inc. has announced a transformational reverse takeover of Tombador Iron Limited, which will lead to GoviEx shareholders becoming the majority owners of a newly named Australian company, Atomic Eagle Ltd, while unlocking A$10.4 million in cash reserves [2][3][4]. Company Overview - GoviEx is focused on uranium exploration and development in Africa, particularly the Muntanga Project in Zambia, which is positioned in a significant uranium basin with considerable exploration potential [22]. - Tombador Iron Limited is a listed shell on the ASX that has sold its operating iron ore business and retained its ASX listing along with cash reserves [2][3]. Transaction Details - The Arrangement Agreement stipulates that Tombador will acquire 100% of GoviEx's Class A common shares, resulting in GoviEx shareholders owning 75% of the combined company [3][10]. - The transaction includes a concurrent financing of A$5.0 million to A$10.0 million, increasing the combined company's cash reserves to between A$19.4 million and A$24.4 million [3][9]. - The total number of ordinary shares will be reduced from 1,022,062,190 to 345,315,243, leading to a tighter capital structure [5][9]. Strategic Implications - The ASX listing is expected to provide access to a larger capital base, particularly from Australian and Asia-Pacific investors, enhancing the company's financial position [5][6]. - The transaction is anticipated to improve the valuation environment for GoviEx, allowing for significant capital raising opportunities and potential valuation uplift upon achieving key milestones [9]. - The new board will consist of seasoned industry professionals, including Govind Friedland as chair and key personnel from Matador Capital, which has experience in uranium mining [5][9]. Future Focus - The combined company will maintain a focus on the exploration and development of the Muntanga Project, aiming to increase its size and achieve economies of scale [9][10]. - The transaction is expected to close in early November 2025, subject to regulatory and shareholder approvals [18][13].