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Australian Strategic Materials Shareholders Back Energy Fuels Unit's Proposed Acquisition

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Australian Strategic Materials (ASX:ASM) said its shareholders and optionholders have approved the proposed acquisition of the company by Energy Fuels' subsidiary, EFR Critical Materials, at scheme meetings held on Wednesday, according to a same-day after-market Australian bourse filing.

The share scheme received about 84% support from shareholders, representing around 98% of votes cast, while the option scheme secured roughly 88% support, accounting for nearly 100% of votes cast, per the filing.

The company will now seek Federal Court approval at a hearing on Aug. 18, with the schemes expected to take effect following lodgment with the Australian Securities and Investments Commission on Aug. 19 and implementation targeted for Aug. 28, the filing added.

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