Baselode Energy closes acquisition of Forum Energy

Executive Summary

• Baselode Energy Corp. completed its plan of arrangement to acquire 100 % of Forum Energy Metals Corp., issuing 0.3535 Baselode shares for each Forum share.
• The transaction leaves Baselode with ~291.6 M outstanding shares, $12 M cash on hand and a fully capitalized portfolio that includes the Aberdeen (Nunavut) and Hook (Saskatchewan) uranium projects.
• Post‑closing, Baselode will seek shareholder approval to rename the company Geiger Energy Corp., expand its board to six directors and pursue further exploration catalysts.

Key Details

• Transaction Structure: 0.3535 Baselode common share issued for each Forum share; all Forum options and warrants were converted on a proportional basis using the same exchange ratio.
• Share Count Post‑Closing: 291,627,336 Baselode shares outstanding.
• Cash Consideration to Former Forum Executives:
• Richard Mazur – $127,500 cash + 3,348,000 Baselode shares (based on $0.085 per share).
• Dan O’Brien – $60,000 cash + 1,575,529 Baselode shares.
• Financing: Prior $6 M financing referenced by management; combined with existing cash, Baselode now has >$12 M in liquidity to fund exploration at Aberdeen and Hook.
• Board Reconstitution: New five‑member board (Stewart, Sykes, Beaudry, Hunter, Dennison); pending shareholder vote to expand to six members (adding Michael Mansfield and Janet Meiklejohn).
• Name Change Proposal: At the AGM/Special Meeting on 2025‑09‑16, shareholders will be asked to approve renaming Baselode Energy Corp. to Geiger Energy Corp., with Hunter as CEO and Stewart as Chairman.
• Regulatory Actions:
• Supreme Court of British Columbia issued final order approving the arrangement on 2025‑08‑22.
• Forum’s shares to be delisted from TSX‑V on or about 2025‑08‑29; Forum will cease reporting obligations.
• Baselode must file an early‑warning report under NI 62‑103 following the acquisition.
• Project Highlights (inherited from Forum):
• Aberdeen project hosts Tatiggaq (2.25 % U₃O₈ over 11.1 m) and Qavvik high‑grade uranium zones; only ~500 m of a 1,500 m anomaly has been drill tested to date.

Notable Quotes

• Rebecca Hunter, CEO: “With the completion of the plan of arrangement, I am excited to be stepping into the role of CEO of Baselode, which is well capitalized with over $12‑million in cash and multiple high‑potential projects…”
• Stephen Stewart, Chairman: “I would like to welcome Rebecca as Baselode's new CEO… With the closing of the recent $6‑million financing, Baselode is well capitalized to execute on its exploration plans at Aberdeen and Hook…”