Australia's FIRB clears Toro's purchase of Canadian Mega Uranium's WA asset Toro Energy managing director Vanessa Guthrie. SOUTH Australian explorer Toro Energy's $37 million deal to own a second Western Australian uranium asset and welcome a Canadian shareholder has won key regulatory approval. The Australian Foreign Investment Review Board has given Toro its nod to buy the Lake Maitland uranium project from Canadian miner Mega Uranium, giving it a 28 per cent stake in Toro. Mega's Lake Maitland asset lies 90 kilometres southeast of Toro's flagship Wiluna project, which is slated for production in 2016. Toro expects its Wiluna regional resource base to increase by 42 per cent to 76 million pounds of triuranium octoxide (U308) if the acquisition, which is subject to shareholder approval, is completed. "The decision is a key milestone to the completion of the acquisition which adds significantly to the Wiluna project and provides operational and financing benefits that strengthen investment case for the mine development," Toro's managing director Vanessa Guthrie said. Shareholders will vote on the proposal on October 18. Toro's major shareholder OZ Minerals will vote in favour of the deal, which will see it retain a 28 per cent shareholding in Toro. Toro Energy will pay for Lake Maitland through the issue of 415 million Toro shares and smaller transfers of cash.