GoviEx Uranium Inc (TSX-V:GXU, OTCQB:GVXXF) announced that securityholders representing more than 40% of its outstanding securities have entered into binding voting support agreements in favor of its planned reverse takeover of Tombador Iron.
The transaction would create Atomic Eagle, an ASX-listed uranium developer that GoviEx said will have a strengthened balance sheet and a mandate to advance the Muntanga project in Zambia.
On completion, GoviEx shareholders will hold 75% of Atomic Eagle, while Tombador shareholders will retain 25%.
Tombador has filed its meeting circular with the Australian Securities Exchange to seek shareholder approval, with a vote scheduled for October 8, 2025.
In parallel, GoviEx securityholders are set to vote on the deal at a meeting on October 24, following amendments to the arrangement agreement to align treatment across shareholder classes.
As part of the transaction, Tombador will also undertake a concurrent financing of at least A$5 million and up to A$10 million at a minimum issue price of A$0.28 per share, which GoviEx said represents a 28% premium to its current share price.
The financing is expected to bring the combined company’s cash balance to between A$19.4 million and A$24.4 million.
GoviEx also plans to work with OTC Markets to secure a US listing for Atomic Eagle alongside its ASX listing.
"This transaction represents a unique and compelling opportunity for our shareholders. The support we have already received underscores the market's confidence in our strategy and the long-term potential of the Muntanga project,” GoviEX CEO Daniel Major said in a statement.
“The ASX listing, strengthened balance sheet, and newly reconstituted board will together provide the platform to unlock significant value. We remain confident that the completion of this transaction will be transformative for all of our stakeholders."
Subject to approvals, the companies expect the deal to close in early November 2025.