Paladin receives final clearance for Fission Uranium acquisition
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The news: ASX-listed uranium producer Paladin Energy has received final regulatory approval for its proposed acquisition of Canadian explorer Fission Uranium, clearing the way for a dual listing on the Toronto Stock Exchange (TSX).
The context: Canada's minister of innovation, science and industry has given final clearance for the takeover under the Investment Canada Act (ICA).
It marks the final regulatory clearance required to complete the deal, which is now only subject to customary closing conditions. Paladin expects the transaction to close by early January 2025.
The takeover, which will see Fission shareholders receive 0.1076 Paladin shares for each Fission share held, is also expected to result in Paladin's shares listing on the TSX. Fission's shares are due to be delisted from the TSX, the OTCQX and the Frankfurt Stock Exchange.
Last month, the deal looked in doubt after Canada's national security review period for the proposal was extended by 45 days.
What they said: "Shareholders of Paladin, including former shareholders of Fission, will benefit from the increased scale of the combined company that will be one of the largest pure-play uranium companies globally, as well as greater exposure to, and interest from, international capital markets," Paladin chief executive Ian Purdy said.
The source: ASX announcement
