The proposal offering one share for every 8 Energia shares, representing a 29% premium to the 5 day value weighted average price (VWAP), was earlier made in March 2013.

Cauldron was intending to formulate a new entity focusing on Western Australia uranium projects gaining a potential land position in an emerging and potentially significant uranium province in the Carnarvon Basin region.

At the time of offering the proposal, Cauldron executive chairman Tony Sage stated, "Our bid for Energia rests on our confidence that we are on the verge of defining a major new uranium province in the Carnarvon Basin, and that both Cauldron and Energia have huge exploration and corporate synergies."

However, in May 2013, Energia had advised its stakeholders to turn down the takeover offer, claiming that the proposal is unfair and unreasonable.