Latitude Uranium Announces Voting Results from Special Meeting

TORONTO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Latitude Uranium Inc. (“Latitude Uranium”, “LUR” or the “Company”) (CSE: LUR, OTCQB: LURAF, FRA: EI1) is pleased to announce that shareholders of the Company (the “Shareholders”) have overwhelmingly approved the previously announced arrangement (the “Arrangement”) involving the Company and ATHA Energy Corp. (“ATHA”) at the Company’s special meeting (the “Meeting”) held today.

The special resolution approving the Arrangement (the “Arrangement Resolution”) was required to be approved by at least two-thirds (66 2/3%) of the votes cast by Shareholders present virtually or represented by proxy at the Meeting.

A total of 103,295,471 common shares of LUR ("Common Shares”), representing approximately 44.69% of votes entitled to be cast at the Meeting, were represented proxy at the Meeting. Approximately 99.62% of the votes eligible to be cast were voted in favour of the Arrangement Resolution.

The Company will seek a final order approving the Arrangement from the Ontario Superior Court of Justice (Commercial List) on February 29, 2024. Closing of the Arrangement remains subject to satisfaction of certain customary closing conditions, including receipt of final court, stock exchange and regulatory approvals. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the Arrangement in early March 2024.

Further details regarding the Arrangement, including the principal closing conditions and the anticipated benefits for Shareholders, can be found in the Company’s management information circular dated January 25, 2024 (the “Circular”) in respect of the Meeting, which can be found under the Company’s SEDAR+ profile at www.sedarplus.ca.

Moran Lake Contingent Payment

The Company also announces that, as a result of the uranium spot price exceeding USD$75/lb, the original vendor of the Company’s Moran Lake project in Labrador (the “Vendor”) is entitled to receive payment of an additional C$375,000 in cash and C$375,000 through the issuance of Common Shares. As a result, LUR has paid the Vendor C$375,000 in cash and issued 1,616,379 Common Shares at a deemed price of C$0.232 per share, being the five-day volume-weighted average price of the Common Shares up to February 23, 2024. The Common Shares are subject to a hold period expiring four months and one day from the date of issuance. There are no further payments owing to the Vendor.