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Shares in Global Atomic (TSX: GLO) have dropped nearly a third since the military rulers of Niger, where the company is developing its Dasa uranium project, vowed on the weekend to kick out United States troops that have been there more than a decade.
By Tuesday afternoon, stock in the Toronto-based company had fallen 29% since Friday to $2.21 apiece, valuing Global Atomic at $462.7 million. It was as low as $2.03 on Tuesday and has traded in a 52-week range of $1.28 to $3.91.
Global Atomic plans to start Dasa’s US$424.6-million construction after June and commission the mine by the end of next year, according an updated feasibility study this month. The military coup in July led the U.S. to suspend government funding for Dasa, but the company raised $15 million in January by selling stock and says it will pursue more financing in a 60% borrowing, 40% equity-raising model.
“With the situation in Niger being fluid, in addition to current advanced discussions with project lenders, the company is also pursuing other financing strategies to meet its project funding requirements,” president and CEO Stephen G. Roman said in a release on Monday.
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