GoviEx Uranium Inc (TSX-V:GXU, OTCQB:GVXXF) has announced a reverse takeover of Tombador Iron, paving the way for an Australian Securities Exchange (ASX) listing and a strengthened cash position of up to A$24.4 million.
The deal will see GoviEx shareholders retain a 75% majority stake in the newly renamed company, Atomic Eagle, while Tombador’s existing shareholders will hold the remaining 25%.
Tombador, a former iron ore producer, is a listed shell on the ASX with A$10.4 million in cash reserves.
Under the agreement, Tombador will acquire all issued GoviEx shares through a court-approved plan of arrangement.
The combined company is expected to conduct a concurrent capital raise of A$5 million to A$10 million, further enhancing its liquidity.
GoviEx CEO Daniel Major will continue as CEO of Atomic Eagle, and the board will include industry veterans Govind Friedland, Stephen Quantrill, Eric Krafft, and Keith Bowes.
Matador Capital, known for early-stage investments in ASX-listed uranium companies, joins as a cornerstone investor, with founder Grant Davey appointed as a strategic advisor.
The company will continue to focus on exploration and development of the Muntanga uranium project in Zambia, aiming to expand the project and capitalize on regional exploration potential.
"This is a transformational transaction for GoviEx: it brings an Australian public listing, a new capital structure, a refreshed board, new substantial shareholders, a cornerstone investor with recent uranium development experience and a strengthened balance sheet,” GoviEx executive chairman Govind Friedland said in a statement.
“Our combined company, to be named Atomic Eagle Ltd, will lead the development of the Muntanga project, situated in one of the largest and most underexplored sandstone-hosted uranium basins in the world, with considerable exploration potential. We are excited to move forward with unlocking its full potential."
Stephen Quantrill, Tombador executive director, highlighted uranium’s growing importance in the global clean energy transition.
“Tombador acknowledges the pedigree and long history of the GoviEx team and assets, and we welcome the opportunity to work with Govind Friedland and his team alongside the experienced leadership from Matador Capital to realize the potential of the GoviEx projects,” Quantrill said.
The arrangement has received unanimous support from insiders holding 27.6% of GoviEx shares and is expected to close in early November 2025, pending regulatory, court, and shareholder approvals.
Following completion, GoviEx shares are expected to be delisted from the TSX Venture Exchange and OTCQB, while Atomic Eagle’s shares will resume trading on the ASX.