Freedom Eye, hailing as it does from a biotech and pharmaceutical enterprise past, plans to change its name and become a uranium play.
In an all-scrip deal, Empire will emerge with a direct 30% shareholding in Perth-based Freedom.
The planned transaction is subject to shareholder and regulatory approvals and due diligence, with Freedom shareholders set to vote on the acquisition of the Yarlarweelor exploration licence and the proposed changes in name and direction at a general meeting some time in November.
David Sargeant managing director of Empire and Adrian Jessup a director of Empire will join Freedom’s current chairman Russell Barnett on the Freedom board, which will be pruned to three directors after settlement of the Yarlarweelor sale.
If all goes ahead, Freedom – currently a biotech and pharmaceutical enterprise – will move to raise a minimum of $1 million to fund Yarlarweelor exploration and other exploration acquisition or joint venture opportunities via the proposed consolidation of its issued capital.
Empire conducted an airborne radiometric and magnetic survey over most of the 490 sq km Yarlarweelor project area last year, resulting in the outlining of numerous uranium anomalies. Previous exploration had been undertaken in the Yarlarweelor area prior to 1982.
Sargeant said the sale of Yarlarweelor would unlock value for Empire’s shareholders from the company’s non-core uranium interests, leaving it to focus on advancing its core copper and gold projects in WA.