Paladin Energy
(ASX:PDN) has finalised its acquisition of Canadian uranium exploration company Fission Uranium Corp (TSX:FCU) through a court-approved arrangement. This transaction positions Paladin to expand its global uranium assets and advance Fission's flagship Patterson Lake South (PLS) project in Saskatchewan.
Under the agreement, Fission shareholders will receive 0.1076 Paladin shares for each Fission share held, except for ineligible shareholders, who will receive cash proceeds instead. This transaction sees former Fission shareholders collectively owning approximately 24% of Paladin’s shares post-acquisition.
Following the arrangement, Paladin has applied to list its shares on the Toronto Stock Exchange under the ticker "PDN", expected to begin trading on 27 December 2024. Concurrently, Fission’s shares will be delisted from the TSX, OTCQX, and Frankfurt Stock Exchange, with Paladin also planning to deregister Fission under Canadian securities laws.
Fission’s CEO, Ross McElroy, will step down, while other key executives will remain to support the development of the PLS project. Paladin is conducting a review of the project’s feasibility study to optimise costs and timelines. Additionally, the company plans to appoint a Canadian non-executive director and a senior executive to strengthen its presence in Canada.
Shares in Paladin are trading 0.51% higher at $7.84.
