Global Atomic Corporation

CUSIP: 37957M106
ISIN: CA37957M1068

This Securities Class Action seeks to represent a class of investors who acquired Global Atomic Corporation (“GLO”) securities between November 10, 2023 and January 23, 2025, and who held all or some of those securities until after the release of at least one of the Public Corrective Disclosures on July 16, 2024 or January 23, 2025.

GLO is an Ontario, Canadian mining corporation that is publicly traded.  Its operations are allocated between two distinct projects: (a) Dasa Project, located in the Republic of Niger; and (b) Turkish Zinc Joint Venture, located in Turkey. 

The investor’s causes of action seeks damages on behalf of himself and the Class concerns how GLO reported to the markets that it would build-finance the Dasa Project through a joint-partnership with Société Minière de DASA S.A., how said financing would be 60% financed by the Export Development Canada (“EDC”) and U.S. International Development Financial Corporation (“DFC”), and the corresponding dates for commissioning and sales of uranium (e.g., so to be self-financed and profitable).

Beginning August 2023, the Canadian and United States governments expressed various concerns about the Republic of Niger and publicly announced that almost all forms of financial aid, credit, and financial support would cease. Against this total mix of information, between November 10, 2023 and November 12, 2024, GLO bullishly-reinsured the markets in core documents that the other financial institution supporting the credit facility to finance 60% of the Dasa Project was the DFC and conveyed the impression that:

(a)       The application for the DFC/EDC Loan satisfied all the pre-conditions in order to be on the agenda for the DFC Credit Committee but never happened during the Class Period, and there is no independent source of information that said submission to the DFC Credit Committee has ever occurred;

(b)       The application for the DFC/EDC Loan satisfied all the pre-conditions in order to be on the agenda for the DFC Board of Directors;

(c)        Moreover, GLO consistently omitted to disclose why scheduled submission dates to the DFC Credit Committee and DFC Board were allegedly cancelled, e.g., assuming GLO’s application for the DFC/EDC Loan was, in fact, on the DFC’s agenda; and

(d)       Commencing July 16, 2024, GLO omitted to disclose the material fact questions that the DFC or EDC conveyed that resulted in the alleged cancellation of the submission to the DFC Credit Committee and Board of Directors. 

On July 16, 2024, GLO reported the presentation to the DFC’s Credit Committee was being postponed to August 2024 and the final approval by the USDB’s Board of Directors was then expected to occur during October 24, 2024, “citing a need to answer and confirm additional questions.” The market’s reaction was immediate surprise, sending GLO’s shares from $2.02 to $1.67, down 17.3%. 

GLO continued to publish core and non-core documents containing misrepresentations about the Dasa Project DFC Loan application, scheduling of the submissions to the DFC’s Credit Committee and Board for final approval, and the political situation in the Republic of Niger.

On January 23, 2025, and contrary to what the markets were led to believe from GLO’s post-July 2024 statements, GLO passively retracted its statements about the DFC concluding  its  approval  process, including Committee and Board level approvals for the DFC Loan. 

This news confirmed and is linked to the July 16, 2024 news that the DFC continued to have questions despite GLO’s implied representations to the contrary; GLO’s shares fell from $0.94 to $0.64, down 31.9%. 

The Plaintiff seeks damages from the Defendants as a direct and foreseeable result of the Defendants negligently omitting the material facts from the Impugned Documents as reflected by the Public Corrective Disclosures.

If you have questions about this shareholder class action, please contact us at (647) 576-7840, or by email at canadainfo@bergermontague.com.

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