by Greg Klein | September 15, 2015
A new Athabasca Basin explorer named ALX Uranium Corp came closer to inception on September 15 after shareholders of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX voted overwhelmingly in favour of combining the two companies.
The proposal won support from 96.01% of Alpha shareholders and 97% of Alpha security holders (shareholders and warrant holders), while Lakeland shareholders voted 95.76% in favour.
I call that a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.—Thomas Drolet, quoted in Streetwise Reports
In a Streetwise Reports interview posted the same day, energy expert and Lakeland adviser Thomas Drolet called the plan “a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.” Contrasting the deal with the proposed Fission Uranium TSX:FCU/Denison Mines TSX:DML merger, Drolet said the Lakeland/Alpha combination comprises “a different kind of M&A. It is more a merger of two juniors that want to stay in the E&P extraction business, get on with drilling and strengthen their balance sheets.”
Their combined portfolio would be one of the Basin’s largest, with “a string of Tier 1 drill targets,” according to Lakeland CEO Jonathan Armes.
Should further approvals come from the TSXV and British Columbia Supreme Court, the two companies anticipate ALX Uranium will debut on September 25’s opening buzzer.
Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.