Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes is investigating Global Atomic Corp. (TSX: “GLO”, USOTC: “GLATF”, and FRA “G12”, CUSIP: 37957M106, ISIN: CA37957M1068).
Global Atomic Corp. (“Global Atomic” or the “Company”) has been developing the Dasa Uranium Project in the Republic of Niger, Africa for several years. It has reported that it requires hundreds of millions in loans to complete the Project.
Between November 10, 2023 and November 12, 2024, Global Atomic reported that the U.S. International Finance Corporation (“DFC”) and Export Development Canada were willing to provide project financing subject to conditions set by the DFC’s Credit and Investment Committees plus approval from DFC’s Board of Directors.
Global Atomic, however, omitted to disclose the pre-conditions of the meetings and loan approval; it also omitted to disclose why it had not presented the loan for approval to the DFC’s Credit Committee and Board of Directors that it had reported was to occur in 2024, as well as the deteriorating relationship between the Republic of Niger and the United States as reflected by the U.S. having to close its two military bases.
On July 16, 2024, Global Atomic reported the first signs of problems with it satisfying the DFC’s pre-conditions, citing a need to answer and confirm additional questions raised by the DFC. Indeed, this disclosure coincided with when the U.S. federal government was forced to abandon two military facilities in the Republic of Niger and the outlook for any financial support from the DFC was materially decreasing.
Finally, on January 23, 2025, Global Atomic’s President and CEO Stephen Roman reported to the markets that “we remain confident that in Q1 2025 we will have positive news regarding the major component of funding for our Dasa Project in the form of either a bank financing or a joint venture agreement. In the interim we will continue to advance the Dasa Project development and stay on schedule for yellowcake production in early 2026 while we finalize the major funding component.”
If you purchased shares of Global Atomic Between November 10, 2023 and January 23, 2025, and would like to know more about our investigation, please contact us at canadainfo@bergermontague.com.
Berger Montague (Canada) PC is one of the leading Canadian law firms that represents investors in shareholder class actions involving Canadian companies that list their securities on stock exchanges located in Canada, Germany, and the United States. You can learn more about Berger Montague (Canada) PC at https://bergermontague.com/canada/
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