Latitude Uranium Inc. ("Latitude Uranium") entered into an arrangement agreement with ATHA Energy Corp. ("ATHA") for ATHA's acquisition of all Latitude Uranium shares. Under this agreement, Latitude shareholders will receive 0.2769 of an ATHA share for each Latitude share, valuing Latitude shares at C$0.28 each—a 68% premium based on the December 6, 2023 closing price.

Additionally, ATHA agreed to acquire all shares of 92 Energy Limited ("92E") in a related transaction. ATHA also announced plans to raise up to $14 million concurrent with these transactions. The combined pro forma market value of ATHA, before the financing, is expected to be around $267 million. The ownership distribution will be approximately 49.25% ATHA shareholders, 25.37% Latitude Uranium shareholders, and 25.38% 92E shareholders.

The new company will have a six-member board, representing all three companies. The merger creates Canada's largest uranium exploration portfolio, encompassing 7.1 million acres across top uranium jurisdictions. The company will also have a strong financial position, with over $55 million in cash post-transaction.

The Latitude Board, advised by PI Financial Corp. and Cassels Brock & Blackwell LLP as legal advisor, unanimously recommended the arrangement. Red Cloud Securities Inc. provided a fairness opinion. Subject to shareholder and regulatory approvals, the arrangement is expected to complete in Q1 2024. Post-completion, ATHA shares will remain on the CSE, while Latitude shares will be delisted.