HT Ganzo
Paladin Energy (OTCQX:PALAF) to acquire Canada-based Fission Uranium (OTCQX:FCUUF) for C$1.14 billion, creating a diversified uranium producer, and adding a development project in a Tier 1 jurisdiction with the ability to expand production and cash flow profiles in the near term.
Fission shareholders will receive 0.1076 fully paid shares of Paladin for each Fission share held at the closing of the deal, Paladin Energy (OTCQX:PALAF) said in a statement.
The offer represents an implied value of C$1.30 per Fission share (OTCQX:FCUUF), a 25.8% premium to the company’s closing price on June 21.
Upon completion of the deal, targeted in September 2024, Fission (OTCQX:FCUUF) shareholders will own 24.0% of Paladin, which will have a pro forma market capitalization of about $3.5 billion.
“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” Paladin (OTCQX:PALAF) CEO Ian Purdy said.
Source: Press Release