Connected IO Secures Acquisition of Uranium Projects in Namibia and Gold Projects

Connected IO Limited (ASX: CIO) is set to acquire Namibia U308 Pty Ltd. This move will give the company a foothold in the uranium projects in Namibia and gold projects in Western Australia. This strategic acquisition will be funded through a non-renounceable entitlement offer to shareholders and a placement to investors aiming to raise AU$ 5.2 million. The completion of the acquisitions and capital raisings is subject to various conditions, including compliance with Listing Rules, shareholder approvals, and timely completion due to potential delisting from ASX. Post-acquisition, the company will shift its focus to exploration activities, aiming to identify mineral resources for development and increase shareholder value.

The company faces a limited timeframe for completing the acquisition due to potential delisting from the ASX. The NU308 Agreement outlines the acquisition of Namibia U308 and its interests in Namibia uranium projects, including exclusive prospecting licenses and applications. In conjunction with the agreement, deeds of assignment and variation have been made with various parties.

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