AUSTRALIAN FIRM IS SET TO ACQUIRE CONTROLLING SHAREHOLDING IN TANGANYIKA URANIUM EXPLORATION COMPANY.
Business News By Leo Odera Omolo In Kisumu City.
AN Australian company is set to take over a uranium exploration firm in Tanzania.
Australia Africa Resources has entered into a “ binding terms sheet” with Tanganyika Uranium Corporation. It hopes to make offers to Tanganyika Uranium shareholders to acquire 100 per cent of the issued shares.
Tanganyika Uranium shareholders, according to an article appearing in the current edition of EASTAFRICAN, is a private, unlisted Canadian company. It has an interest in uranium exploration in Tanzania.
The Australian company consider these assets to be complimentary to the current ones in Africa.
The director of the Australian company, Lindsay Colless, was recently quoted by the same media house as saying that pursuant to the binding terms sheet, they will also offer 64 fully paid ordinary shares in the company, per every shares held by shareholders.
This will result in the issue of up to, 1,350,000,000 new fully paid ordinary shares in the company, at a deemed issue price of USD 0.0025 per share.
The binding term sheet is conditional upon the satisfaction of a number of items. These include the completion of mutual due diligence by both the company and Tanganyika uranium corp.
The terms also include receiving acceptance, for at least 96 per cent of the T.U.C shares on issue.
The Tanganyika uranium director is to accept the offer for their respective shares, the company is also to obtain all the required approvals for the issue of the shares. Pursuant to the offer, there is to be no claims against Tanganyika uranium.
“The company will shortly make offers to individual shareholders. It is currently finalizing the notice of meeting for the company’s shareholders to consider all necessary resolutions”, the report says.
Tanganyika Uranium zones in Tanzania mainland, the southern areas known as Madabo Mkuju covers 950 square kilometers and has targeted sandstones roll-front style uranium mineralization.
The area is located in the north of the country known as the “Eastern Rift” covers 2,420 square kilometers and has targeted calcrete-style uranium. Additional applications cover extensions to the above granted tenure.
Recently, Australia Africa suspended processing operations in the Congolese copper smelting plant due bad economic conditions.
It says it will continue to discuss the future of the plant with other parties with the view to possible sale, joint venture or other arrangements.
Uranium mineralization was first identified in Tanganyika in 1979-1982 by uranzdengen GmbH {UER}.
The firm identified airborne radiometric anomalies during this period, leading to the discovery of the two uranium deposits at Mkuju and Malabo.
The Malabo-Mkuju property represents a sandstone type uranium prospect within the same geological setting as the Matra discovery. It covers Madabo deposits identified by UER.
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