GoviEx Uranium has agreed to a reverse takeover deal with Tombador Iron, paving the way for its entry onto the Australian Securities Exchange (ASX).
Tombador is an ASX-listed shell with A$10.4m ($6.7m) in cash after selling its iron-ore business. It will acquire all GoviEx Class A shares via a court-approved process.
The combined entity will be renamed Atomic Eagle and listed on the ASX.
Post-transaction, GoviEx shareholders will own around 75% of Atomic Eagle, with Tombador shareholders holding the remaining 25%.
A concurrent A$5–10m financing will increase the combined company’s cash to A$19.4–24.4m.
Atomic Eagle will focus on exploration and project development in Zambia, particularly the Muntanga Project. It will also target the exploration potential of the Karoo sandstones in Zambia.
The combined company will have a tighter capital structure, reducing the number of GoviEx ordinary shares from more than one billion to approximately 345 million, after the transaction is completed.
This is expected to result in a “more efficient float” and lower share price volatility, offering more flexibility for future capital raises.
Closing conditions include regulatory approvals from the ASX and TSX Venture Exchange, with completion expected in early November 2025.
Matador Capital joins as a cornerstone investor, with founder Grant Davey set to be a strategic advisor to the board.
GoviEx chief executive (CEO) Daniel Major will retain his position as CEO of the combined company and a new board with experienced industry professionals will be established, chaired by Govind Friedland, executive chairman of GoviEx.
Friedland said: "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.
“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 under explored sandstone hosted uranium basins in the world, with considerable exploration potential. We are excited to move forward with unlocking its full potential."
GoviEx's Board, advised by Stifel Canada, recommends shareholders vote in favour of the transaction, which is deemed “fair” from a financial standpoint.
