ASX-listed Paladin Energy has completed its purchase of Fission Uranium Corp (TSX: FCU), which follows a drawn out process that required federal approval for the transaction to proceed.
Under the terms of the transaction, Fission shareholders received 0.1076 of a share of Paladin Energy for each share of Fission held. In dollar terms, the exchange ratio translates to $0.81 per share in compensation as of Monday’s close. On a post-transaction basis, Fission shareholders now hold a 24% stake in Paladin.
As part of the transaction, Paladin has applied to list its shares on the Toronto Stock Exchange, with trading under the symbol “PDN” expected to commence on December 27. Shares of Fission meanwhile will be delisted as of market close today.
READ: Fission Uranium: China’s CGN Moves To Block Merger With Paladin Energy
Paladin also noted that Ross McElroy, whom was CEO of Fission, has elected to resign upon completion of the acquisition. The remaining management team will be staying with Paladin however in an effort to further develop the Patterson Lake South project. The company is now in search for a non-executive director for Canada as well as a senior exec to run its Canadian operations.
Paladin Energy last traded at $7.55 on the ASX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
