Baselode Energy closes acquisition of Forum Energy

Executive Summary

• Baselode Energy Corp. completed its acquisition of Forum Energy Metals Corp. under a court‑approved plan of arrangement, issuing 0.3535 Baselode shares for each Forum share.
• The transaction leaves Baselode with ~291.6 million outstanding shares and cash of over $12 million, positioning it to pursue uranium exploration at Aberdeen (Nunavut) and Hook (Saskatchewan).
• Leadership changes include Rebecca Hunter appointed CEO of the combined entity (to be renamed Geiger Energy Corp.) and a reconstituted board; shareholders will vote on a name change and board expansion at the Sept. 16, 2025 meeting.

Key Details

• Acquisition Structure: Baselode issued 0.3535 of its common shares for each Forum share; all Forum options and warrants were converted on the same ratio.
• Share Exchange Ratio: 0.3535 Baselode shares per Forum share.
• Post‑Transaction Share Count: 291,627,336 Baselode shares outstanding.
• Cash Position: Over $12 million in cash after a recent $6 million financing.
• Board Reconstitution: New five‑member board (Stewart, Sykes, Beaudry, Hunter, Dennison); proposal to expand to six members at the upcoming AGM.
• Name Change Proposal: Baselode will seek shareholder approval to rename the company “Geiger Energy Corp.” with Hunter as CEO and Stewart as Chairman.
• Separation Agreements: Former Forum executives Richard Mazur and Dan O’Brien waived change‑of‑control benefits in exchange for cash (Mazur $127,500; O’Brien $60,000) plus Baselode shares valued at $0.085 per share (3,348,000 and 1,575,529 shares respectively).
• Delisting: Forum’s TSX Venture listing to be terminated effective ~Aug. 29, 2025; Forum will cease reporting obligations.
• Early Warning Report: Baselode will file an NI 62‑103 early warning report following the acquisition.
• Strategic Focus: Post‑acquisition entity (Geiger) will concentrate on 100% owned Aberdeen and Hook uranium projects, leveraging a larger asset base and strengthened leadership.

Notable Quotes

• Rebecca Hunter, CEO: “With the completion of the plan of arrangement, I am excited to be stepping into the role of CEO… shareholders can expect an update on our progress in the near term.”
• 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…”