The approval is believed to be a key milestone in the transaction, which aims to create a leading Canadian uranium exploration company with strong financial backing and a suite of highly-prospective projects.
The suite will represent one of the largest exploration portfolios across Canada’s Athabasca and Thelon basins, comprising up to 7.1 million acres of exploration acreage.
It will include 92 Energy’s high-grade, basement-hosted Gemini project, which sits along a mineralised trend and has potential for additional deposits along an under-explored corridor.
In November, the company announced new assays corroborating earlier suggestions of a parallel zone of mineralisation.
In December, Atha entered a definitive agreement to buy-out Latitude by way of a Canadian court-approved plan of arrangement, whereby Latitude investors will receive 0.2769 of a common share of Atha for each Latitude share held.
The deal was approved by Latitude shareholders at a meeting last month.
Atha has previously announced it would raise approximately $25 million with the merged group, which will eventually have an estimated $71m in cash available to it upon completion of the merger.
92 Energy’s participation in the complex merger is being undertaken through a scheme implementation deed, with Atha proposing to acquire 100% of the Australian company via a scheme of arrangement.
If the deal goes ahead, 92 Energy’s shareholders will receive an implied premium of 78%.
92 Energy managing director Siobhan Lancaster said the merger would create a company with the financial and technical capacity to unlock Gemini’s full value.
“This merger holds substantial and rapid value for our shareholders,” she said.
“It will give them the opportunity to be part of a premier Canadian uranium explorer with outstanding growth potential underpinned by a significant discovery, immense exploration upside, robust funding, highly regarded management and an extensive local contact network.”
Ms Lancaster said the board had “unanimously recommended” the merger.
Board members have confirmed their intention to vote all shares in which they have a relevant interest in favour of the scheme, in the absence of a superior proposal.
