On January 24, 2020, Energy Resources of Australia Ltd. can move ahead with its entitlement offer after Rio Tinto confirmed that if it secures a 90% interest in Energy Resources following the A$476 million entitlement offer and underwriting agreement, Rio Tinto will compulsorily acquire all of the remaining shares. The mining major will propose a compulsory acquisition price of 15 Australian cents per Energy Resources share, according to a Jan. 24 release. The review panel of the Australian Takeovers Panel recently canceled the order prohibiting Rio Tinto from compulsorily acquiring the remaining Energy Resources shares, noting that the orders would be unfairly prejudicial to Rio Tinto. However, the panel said Energy Resources needs to disclose to its shareholders Rio Tinto's intentions regarding compulsory acquisition if the latter becomes a 90% shareholder. Energy Resources was offering 6.13 new shares for every existing share to fund rehabilitation costs for the Ranger uranium mine in Australia's Northern Territory, which ballooned to A$830 million in February 2019 from A$512 million in December 2017. Rio Tinto agreed to subscribe to its full entitlement of about A$326 million in the renounceable entitlement offer and to fully underwrite the offer to ensure Energy Resources has the required funding.