Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) has moved a step closer to closing its all-share merger with Forum Energy Metals after Forum shareholders overwhelmingly backed the deal in a vote held Tuesday.
At a special meeting, 97.57% of Forum shareholders voted in favour of Baselode’s plan to acquire the company in an arrangement that will see Forum investors receive 0.3535 Baselode shares for each Forum share they hold.
The vote passed both required thresholds, including a separate count excluding shares held by insiders, as laid out under Canadian securities rules.
The final hurdle is a court sign-off, which Forum is seeking later this week from the British Columbia Supreme Court. If approved, the transaction is expected to close shortly after.
Before that, Baselode’s own shareholders will meet next month to vote on several corporate changes, including a proposed name change to Geiger Energy Corporation and a possible share consolidation of up to five-for-one. The meeting is scheduled for September 16.
Once merged and rebranded, Geiger Energy will focus on developing uranium exploration projects across Saskatchewan and Nunavut, with a portfolio anchored by the Aberdeen and Hook properties.
Baselode said the new entity will be well-funded and led by Dr Rebecca Hunter as chief executive and Stephen Stewart as chairman. Both are part of the Ore Group, which backs the company.
Two Forum board members, Dr Hunter and Janet Meiklejohn, will join the board of Geiger, which will continue Baselode’s strategy of exploring for shallow, high-grade uranium deposits outside the core Athabasca Basin.
Forum brings additional exploration ground in the Athabasca and Thelon Basins.
Baselode, for its part, already controls over 226,000 hectares of exploration land and discovered its flagship ACKIO project in 2021, a near-surface uranium deposit that remains open in multiple directions.
The merger is part of a wave of consolidation in Canada’s uranium sector as companies position themselves for a potential long-term rebound in nuclear energy demand.