SOWG Tanzania's Proposed Acquisition of Approx. 97% of URANEX (Tanzania) and MAGNIS Technologies Tanzania
The Fair Competition Commission (FCC) has commenced its review of a proposed acquisition by SOWG Tanzania Inc. of approximately 97% of the issued share capital of URANEX (Tanzania) Limited and MAGNIS Technologies Tanzania Limited through a share subscription transaction. The transaction relates to the exploration, development, processing, beneficiation, and potential supply of natural flake graphite in Tanzania. The FCC's investigation and review of the merger notification are currently underway.
SOWG Tanzania Inc.
SOWG Tanzania Inc. is a company incorporated in the State of Delaware, United States of America. The company was established as a special-purpose investment and acquisition vehicle for purposes of implementing and holding the investment contemplated under the proposed transaction.
SOWG Tanzania Inc. is owned and controlled by Sow Good Inc., a company listed on the Nasdaq Stock Market in the United States. According to the FCC notice, Sow Good Inc.'s existing business is the manufacture and sale of freeze-dried confectionery and snack products.
URANEX (Tanzania) Limited
URANEX (Tanzania) Limited is the Tanzanian project company responsible for the development of the Nachu Graphite Project located near Ruangwa in Lindi Region. The company is the holder of Special Mining Licence (SML) No. 550/2015 and other associated mineral rights.
According to the FCC notice, the Nachu Graphite Project has not yet commenced commercial production.
MAGNIS Technologies Tanzania Limited
MAGNIS Technologies Tanzania Limited is the project company responsible for the downstream processing and beneficiation of graphite produced from the Nachu Graphite Project.
The company holds a Special Economic Zone (SEZ) licence for advanced graphite products and has not yet commenced commercial production.
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