Baselode Energy to merge with Forum Energy Metals to form Geiger Energy
Published: 11:24 24 Jun 2025 EDT
Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) announced that it will be acquiring Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF) to create a leading Canadian uranium exploration company to be named Geiger Energy.
Geiger will focus on high-impact exploration at the Aberdeen project in the Thelon Basin, Nunavut and further development of the Hook project in the Athabasca Basin of Saskatchewan.
Together, these assets form part of one of Canada's largest 100%-owned uranium portfolios, according to Baselode.
At the Aberdeen project, a drill program is set to begin immediately, funded initially through a short-term earn-in agreement between Baselode and Forum that will be nullified once the merger closes.
The Hook project has demonstrated large-scale alteration systems, which are often associated with high-grade uranium deposits in the region. These features suggest strong discovery potential and growth opportunities.
In addition to uranium, Geiger will retain exposure to copper and other critical minerals, providing strategic optionality in evolving energy and resource markets.
Dr Rebecca Hunter, Forum CEO and a leading expert on the Thelon Basin, will serve as the CEO of Geiger.
“With our combined resources and a shared vision, we are now positioned to advance the Aberdeen project through a comprehensive and appropriately scaled drill program aimed at delivering what we believe to be a significant discovery opportunity,” Dr Hunter said.
Baselode CEO James Syked believes the merger will create a powerhouse Canadian uranium exploration company.
"This merger between Baselode and Forum is a unique opportunity with incredible upside potential for shareholder growth and value creation through large-scale, high-grade uranium discovery potential on the parties' flagship properties; Aberdeen and Hook,” Sykes said.
Transaction terms
Under the agreement, Forum shareholders will receive 0.3535 Baselode shares for each Forum share held.
Following the merger, the combined company will be owned approximately 55% by Baselode shareholders and 45% by Forum shareholders.
The transaction will be completed through a court-approved plan of arrangement under British Columbia law. It requires approval by the Supreme Court of British Columbia and a two-thirds majority vote from Forum shareholders, along with a simple majority vote excluding certain related parties.
Closing is contingent on several conditions, including Baselode completing a five-for-one share consolidation, changing its name to Geiger Energy Corporation, and reconstituting its board and management.
The transaction is expected to close shortly after Forum’s shareholder meeting in August 2025.
