Feb 15 2008
SEMAFO and Govi High-Power Exploration Inc. (GoviEx) announced today that they have entered into a definitive agreement to combine their uranium interests and to create an Africa-focused uranium exploration, development and production company. As part of the transaction, SEMAFO will exchange all of its shares of SEMAFO Energy Barbados in consideration of the issuance of 10,000,000 common shares of GoviEx. After closing, SEMAFO will hold approximately 12% of GoviEx. The transaction is subject to all necessary regulatory approvals, closing is expected within 30 days.
"We are pleased to be combining our assets with those of SEMAFO," said Govind Friedland, GoviEx's Chief Executive Officer. "SEMAFO has built a world class technical and management team with more than 250 years of combined uranium exploration and operating experience."
GoviEx is a private international resource company expanding its uranium activities in Africa and planning to develop several of its advanced-stage uranium exploration projects in Niger. SEMAFO's Chairman Jean Lamarre, President and Chief Executive Officer Benoit La Salle and SEMAFO Energy's President Patrick de Saint Simon have been invited to join the GoviEx Board of Directors and its subsidiaries, as appropriate, to ensure that all levels of governance at GoviEx benefit from their expertise.
"This transaction combines our exploration permits with GoviEx's principal asset, the Madaouela uranium project in Niger," said Mr. La Salle. "The team will move rapidly to develop a mining operation at Madaouela."