Anatolia Energy (ASX:AEK) has received the first US$0.8 million...

Anatolia Energy (ASX:AEK) has received the first US$0.8 million of a US$1.6 million loan from Colorado based and NASDAQ listed company Uranium Resources Inc.(NASDAQ:URRE).

This provides working capital to progress the Temrezli Project towards development in advance of the closing of the merger between the two companies.

The merger is expected to close at or around the end of September 2015 with Anatolia shareholders to receive 0.06579 Uranium Resources shares for every 1 Anatolia share they own.

Uranium Resources has also executed a definitive agreement to sell its Roca Honda Project assets (Roca Honda Assets) to Energy Fuels (NYSE:UUUU, TSX:EFR) for US$2.5 million in cash and US$375,000 in Energy Fuels’ shares.


Loan Details

The loan from Uranium Resources will mature on December 31, 2015 and will carry a 12% annual interest rate.

It is convertible into Anatolia shares at a price of A$0.08 per share if there is a change of control of Anatolia, Anatolia shareholders vote against the merger, or if the merger does not otherwise close by 30th December 2015. 


Merger

The merger consideration values Anatolia at an offer price of A$0.115 per Anatolia share, compared to last traded share price of $0.075.

After the merger, which requires shareholder approval, the combined market cap. of the group would be US$68.1 million (A$88.7 million).

Major Anatolia shareholders, representing 25.6% of Anatolia’s shares on issue, have provided their support for the merger: Azarga Uranium Corp. (11.8%), Sprott Resources (7.3%), and RMB Resources (6.5%).

In addition, Uranium Resources’ largest shareholder, Resource Capital Fund V L.P. (RCF), which has an interest of 23.5%, has provided its statements of intention to vote in favour of the issue of the Scheme securities.

Anatolia is aiming to become a low-cost uranium producer in the near term from the Temrezli Project in central Turkey while Uranium Resources brings two 800,000 pound per annum in situ recovery uranium processing plants and associated infrastructure in South Texas.

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