Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX:GLO, OTC:QX:GLATF, Frankfurt:G12) is pleased to announce the successful conclusion of shareholders exercising warrants that were issued along with common shares in March 2021 primarily to advance the Company’s Dasa Uranium Project in the Republic of Niger.
Since these warrants were issued, 3.12 million C$3 investor warrants were exercised for gross proceeds of C$9.36 million. An additional 375,000 broker warrants were also exercised.
President and CEO of Global Atomic, Stephen Roman, commented, “The cash from these warrants form part of our equity contribution for the funding of the Dasa Project. Equity contributions on the Project Financing Package will also include our 2022 capital expenditures at Dasa and will include the expected cash contributions from our Turkish Zinc JV as well as the potential exercise of additional warrants that expire in June 2023. We expect the debt portion of Dasa Project funding to conclude in Q1,2023, contingent upon the successful completion of our banking syndicate’s due diligence work, which is currently underway.”
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company’s Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger, the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024. Mine excavation began in Q1 2022.
Global Atomics’ Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust (“EAFD”) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”) listed on the Frankfurt exchange under ‘BFSA’, holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.
Key Contacts
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: sgr@globalatomiccorp.com
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: bt@globalatomiccorp.com
Source: Global Atomic Corporation