Avira Energy Ltd. said Feb. 1 that it has received approval from Australia's Foreign Investment Review Board to take a stake in Paladin Energy Ltd.'s Manyingee uranium project in Western Australia.

On the closing of the transaction, Avira will acquire a 30% initial interest in Manyingee for US$10 million cash and form a joint venture with Paladin.

The company will then have an option to acquire an additional 45% of the Manyingee joint venture for a further US$20 million.

The deal still remains conditional upon Avira securing financing.