Paladin Energy (ASX:PDN) has completed its acquisition of Canadian uranium exploration company Fission Uranium Corp (TSX:FCU) in a court-approved deal. This transaction allows Paladin to expand its global uranium assets and advance Fission’s flagship Patterson Lake South (PLS) project in Saskatchewan.
Under the terms of the agreement, Fission shareholders will receive 0.1076 Paladin shares for each Fission share owned, with the exception of ineligible shareholders, who will instead receive cash proceeds. This transaction sees former Fission shareholders collectively own approximately 24% of Paladin’s shares following the acquisition.
As a result of this arrangement, Paladin has applied to list its shares on the Toronto Stock Exchange under the symbol “PDN”, with trading expected to begin on December 27, 2024. At the same time, Fission’s shares will be delisted from the TSX, OTCQX and the Frankfurt Stock Exchange. Paladin also plans to delist Fission under Canadian securities laws.
Fission CEO Ross McElroy will step down, while other key executives will remain to support the development of the PLS project. Paladin is conducting a review of the project feasibility study to optimize costs and schedules. In addition, the company plans to appoint a Canadian non-executive director and a senior executive to strengthen its presence in Canada.
Shares of Paladin are trading up 0.51% at $7.84.
