Global Uranium and Enrichment (ASX:GUE) said that its investee company, Ubaryon, has entered a strategic partnership with UK-based uranium enrichment company Urenco, according to a Monday filing with the Australian bourse.
The UK firm signed a non-binding term sheet with Urenco under which the UK supplier will invest AU$5 million over three years in exchange for a 13% equity stake, the filing said
The agreement is subject to shareholder approval, Foreign Investment Review Board (FIRB) clearance, and binding documentation, the filing added.
Ubaryon will ask shareholders, including Global Uranium and Enrichment, to waive pre-emptive rights and will schedule a meeting to approve the transaction.
Shares of the company rose 9% at market close.
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