Paladin's Fission Uranium buyout in doubt as review extended
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The news: Uranium producer Paladin Energy has said there is no certainty it will obtain the required approvals to complete its proposed acquisition of Canadian explorer Fission Uranium "in a timely manner or at all", after its national security review period was extended until the end of the year.
The context: Paladin has received a notice from Canada's Minister of Innovation, Science and Industry that it is extending the national security review period in relation the proposed acquisition until 30 December.
ASX-listed Paladin previously noted that the minister has the ability to extend the time period for the review by an additional 45 days under the Investment Canada Act (ICA) if required.
What they said: "In light of the national security review of the arrangement, there can be no certainty that Paladin will be able to obtain ICA clearance in a timely manner or at all," Paladin said.
"Failure to obtain ICA clearance would prevent the arrangement from being successfully completed," it said.
The source: ASX announcement
