Brisbane, Australia – December 18, 2024: Paladin Energy Ltd (ASX: PDN, OTCQX: PALAF) is pleased to announce that it has received final clearance from the Minister of Innovation, Science, and Industry under the Investment Canada Act (ICA) for its acquisition of Fission Uranium Corp. (TSX: FCU, OTCQX: FCUUF, FSE: 2FU) by way of a court-approved plan of arrangement.
Key Updates:
- ICA Clearance: This clearance represents the final regulatory approval needed for the acquisition. The Arrangement is now subject only to customary closing conditions and is expected to close by early January 2025.
- Shareholder Entitlement: Upon completion of the Arrangement, Fission shareholders will receive 0.1076 Paladin shares for each Fission share they hold.
- TSX Listing: Following the completion of the deal, Paladin’s shares will be listed on the Toronto Stock Exchange (TSX), and Fission’s shares will be delisted from the TSX, OTCQX, and the Frankfurt Stock Exchange.
Strategic Benefits of the Acquisition:
The acquisition of Fission will create a global leader in clean energy with a compelling strategy, including:
- World-Class Production & Growth Pipeline: The combined company will have assets like the Langer Heinrich Mine, Patterson Lake South project (PLS), and the Michelin project, positioning it to grow production in a tight uranium market.
- Leading Canadian Development Hub: The combination strengthens Paladin’s position in Canada’s highly prospective Athabasca Basin through Fission’s high-quality uranium projects.
- Globally Significant Uranium Resources: The merger results in one of the largest uranium resource portfolios in the industry, diversified across conventional open-pit and high-grade underground orebodies.
- Enhanced Exposure to a Growing Uranium Market: The company will be well-positioned to benefit from the increasing demand for nuclear energy with multiple assets in production.
- Increased International Presence: The TSX listing will elevate Paladin’s capital markets presence and solidify its position as a leading ASX100-listed pure-play uranium producer.
- Sustainability Focus: Both companies share a commitment to a carbon-free, sustainable future, with strong community engagement in their operating regions.
CEO Remarks:
Ian Purdy, CEO of Paladin, expressed his enthusiasm for the ICA clearance, noting that this acquisition will benefit Paladin shareholders, including former Fission shareholders, by increasing the company’s scale and exposure to international capital markets. He emphasized the strategic importance of the Patterson Lake South (PLS) and Michelin projects, highlighting the combined company’s potential to become a global leader in uranium production.
Purdy also acknowledged the Canadian Government’s cooperation throughout the approval process, stating that Paladin looks forward to working with Canadian officials to develop the PLS project and deliver regional and national benefits.
