TORONTO,
July 16,
2024 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT:
G12) reports that the presentation of the debt financing facility
to the Credit Committee of a U.S. Development Bank has been
postponed to August. The Bank decided not to bring this
project to the Credit Committee in July, citing a need to answer
and confirm additional questions.
With approval by the Credit Committee postponed,
final approval by the Bank's Board of Directors is now expected in
October 2024.
Global Atomic continues to review other financing
options including joint ventures.
About Global Atomic
Global Atomic Corporation
(www.globalatomiccorp.com) is a publicly listed company that
provides a unique combination of high-grade uranium mine
development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently
developing the fully permitted, large, high grade Dasa Deposit,
discovered in 2010 by Global Atomic geologists through grassroots
field exploration. The "First Blast Ceremony" occurred on
November 5, 2022, and commissioning
of the processing plant is scheduled for Q1, 2026. Global Atomic
has also identified 3 additional uranium deposits in Niger that will be advanced with further
assessment work.
Global Atomic's Base Metals Division holds a 49%
interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture,
which operates a modern zinc recycling plant, located in
Iskenderun, Türkiye. The plant recovers zinc from Electric Arc
Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate
which is sold to zinc smelters around the world. The Company's
joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51%
interest in and is the operator of the BST Joint Venture. Befesa is
a market leader in EAFD recycling, with approximately 50% of the
European EAFD market and facilities located throughout Europe, Asia
and the United States of
America.
The information in this release may contain
forward-looking information under applicable securities laws.
Forward-looking information includes, but is not limited to,
statements with respect to completion of any financings; Global
Atomics' development potential and timetable of its operations,
development and exploration assets; Global Atomics' ability to
raise additional funds necessary; the future price of uranium; the
estimation of mineral reserves and resources; conclusions of
economic evaluation; the realization of mineral reserve estimates;
the timing and amount of estimated future production, development
and exploration; cost of future activities; capital and operating
expenditures; success of exploration activities; mining or
processing issues; currency exchange rates; government regulation
of mining operations; and environmental and permitting
risks. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "is expected", "estimates", variations of such words and
phrases or statements that certain actions, events or results
"could", "would", "might", "will be taken", "will begin", "will
include", "are expected", "occur" or "be achieved". All
information contained in this news release, other than statements
of current or historical fact, is forward-looking
information. Statements of forward-looking information
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Global Atomic to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to those risks described in
the annual information form of Global Atomic and in its public
documents filed on SEDAR from time to time.
Forward-looking statements are based on the
opinions and estimates of management at the date such statements
are made. Although management of Global Atomic has attempted
to identify important factors that could cause actual results to be
materially different from those forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue
reliance upon forward-looking statements. Global Atomic does
not undertake to update any forward-looking statements, except in
accordance with applicable securities law. Readers should
also review the risks and uncertainties sections of Global Atomics'
annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy and accuracy of
this news release.
SOURCE Global Atomic Corporation
