The Russell Barnett-chaired pharmaceutical company Freedom Eye is set to become a uranium player after it agreed to acquire a project near Meekatharra from Empire Resources.
The Bentley-based Freedom Eye will acquire the Yarlarweelor uranium project, 125 kilometres north of Meekatharra, in an all-scrip deal where Empire will emerge with an initial 40 per cent stake in the company.
Empire's shareholding will then be reduced to 30 per cent following a consolidation of Freedom's 577 million shares currently on issue.
Also under the deal is consideration for a $1 million capital raising by Freedom either through a share purchase plan or rights issue, with funds to further exploration work at the project and other possible project acquisitions.
The make-up of the board will also be altered with Mr Barnett to remain while Freedom directors Grant Bennett and David Sparling to resign.
Empire managing director David Sargeant and executive director Adrian Jessup will join the Freedom board.
Freedom said on successful completion of due diligence on the deal, shareholders will be asked to approve the deal along with a name change the better reflect the company's new direction.
Freedom Eye's profile was unwittingly lifted recently after Mr Barnett became involved in his father's, Premier Colin Barnett, Corruption and Crime Commission complaint over the removal of a Peppermint Grove property, The Cliffe, from the state heritage list.
