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Global Atomic hits back against activist shareholder

Global Atomic Corp. said recent claims made by an activist shareholder seeking to shake up its board of directors were "heavy on innuendo and light on facts."

On May 29, Greyling Investments Inc. said it nominated six directors to be elected to Global Atomic's board at a June 20 shareholders meeting.

In making the move, Greyling, which said it owns approximately 7.33% of Global Atomic's issued and outstanding shares, said the board of directors was "heavily conflicted," and the company suffered from poor performance, among other things.

Global Atomic hit back May 30, saying the activist shareholder was "self-interested" and had "a personal issue against the company." The company also plans to provide a more detailed response.

Global Atomic, which owns zinc and uranium assets in Niger and Turkey, is the product of a recently completed merger between Silvermet Inc. and Global Atomic Fuels Corp.