The shareholders of 92 Energy (92E) have voted in favour of the company’s proposed takeover by Canadian mineral company ATHA Energy.

In a shareholder meeting of 92E, 99.65% of the attendees voted for the proposal.

ATHA added that despite the shareholder approval, the acquisition is still subject to several customary conditions.

These include final approval from the Federal Court of Australia, the TSX Venture Exchange, and other standard closing conditions.

The company remains optimistic that, subject to meeting these conditions or obtaining waivers, the implementation of the scheme is expected to take place around 11 April 2024.

In December last year, ATHA entered into a binding scheme implementation deed with 92 Energy, under which it  proposed to acquire all of the issued and outstanding fully paid ordinary shares of 92E by way of a scheme of arrangement.

At that time, 92E CEO Siobahn Lancaster said: “This merger helps realise the true value of 92E assets, while combining three excellent teams that have the resources to pursue uranium exploration at an unprecedented scale."

Last month, ATHA announced that an independent expert of 92E, BDO Corporate Finance (WA), concluded that the proposed acquisition of 92E by ATHA is fair and reasonable and in the best interest of the shareholders of 92E.

ATHA is a Canadian company that works on uranium asset development, exploration and acquisition.

Its portfolio consists of two post-discovery uranium projects – CMB Discoveries in Labrador and the Angilak Deposit in Nunavut – which have respective historical resource estimates of 14.5 million pounds and 43.3 million pounds of triuranium octoxide, respectively.

Furthermore, the corporation has a 10% carrying interest in the major exploratory projects in the Athabasca Basin run by IsoEnergy and NexGen Energy.