Fission Uranium Now Needs Approval From Federal Government To Proceed With Sale To Paladin Energy
The sale of Fission Uranium Corp (TSX: FCU) is evidently the transaction that just won’t close. The company late last night revealed that there is yet another delay to the closing of its acquisition by Paladin Energy (ASX: PDN).
The latest delay comes from the Canadian government, with the Minister of Innovation, Science and Industry ordering a national security review before the transaction is permitted to proceed. The transaction now requires clearance under the Investment Canada Act, with Fission said to now be considering the notice and evaluating the prospects of obtaining such clearance.
READ: Métis Nation Demands Halt To Fission Uranium’s Patterson Lake South Project
Consideration of the arrangement with Paladin Energy remains ongoing, with the merger now subject to receipt of a final order from the Supreme Court of British Columbia, as well as ICA clearance. The delay in approval from the Supreme Court follows CGN Mining, which holds an 11% interest in Fission, attempting to block the merger in court, with the courts decision on the matter still pending.
This also follows after the company struggled to obtain shareholder support for the transaction to close in the first place.
Fission Uranium last traded at $1.01 on the TSX.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
