Protean Energy Ltd (Company or POW) (to be renamed ‘Aurora Rare Earths Limited’) has entered into a share sale agreement to acquire 100% of the issued capital of Aurora Minerals Pty Ltd (ACN 666 359 879) (Aurora) (the Acquisition). Aurora holds the option to acquire two mineral exploration projects with claims covering a combined area of 523km² in James Bay, Canada (the Projects).
Under the Acquisition, the Company will acquire an indirect interest in the Projects. Completion of the Acquisition will amount to a significant change to the nature and scale of the Company's activities and as such, the Company will be required to obtain shareholder approval under ASX Listing Rule 11.1.2 at a general meeting and re-comply with Chapters 1 and 2 of the ASX Listing Rules in accordance with ASX Listing Rule 11.1.3. The Acquisition is conditional on the Company obtaining all necessary regulatory and shareholder approvals to give effect to the Acquisition and satisfying all other requirements for the reinstatement of the Company’s shares on the ASX (amongst other things).
On completion of the Acquisition, the Company will be reinstated as a junior exploration company with a focus on rare earths, niobium and other critical minerals. In line with this new direction, the Company intends to seek shareholder approval to change its name to ‘Aurora Rare Earths Limited’.
To assist the Company to re-comply with Chapters 1 and 2 of the ASX Listing Rules the Company is planning, subject to obtaining shareholder approval, to undertake a capital raising of 250,000,000[1] fully paid ordinary shares in the Company (Shares) at an issue price of $0.02 per Share to raise $5,000,000 (Public Offer). CPS Capital Pty Ltd (CPS Capital) has been appointed as lead manager to the Public Offer.
The completion of Acquisition and the Public Offer are subject to the approval of Shareholders of the Company at the general meeting (General Meeting). A notice of meeting is expected to be released in October 2024 outlining the approvals that will be sought at the General Meeting.

[1] The Company will seek Shareholder approval at the General Meeting to undertake a consolidation of its issued capital on a 2.86 to 1 basis (Consolidation). All references to the Company’s securities throughout this announcement are on a post-Consolidation basis, unless otherwise stated.