Paladin energy (ASX:PDN) finalized the acquisition of Canadian uranium exploration company Fission Uranium Corp (TSX: FCU) through a court-approved settlement. This deal positions Paladin to expand its global uranium assets and advance Fission’s flagship Patterson Lake South (PLS) project in Saskatchewan.
Under the agreement, Fission shareholders will receive 0.1076 Paladin shares for each Fission share owned, except for ineligible shareholders who will receive cash proceeds instead. This transaction indicates that the former Fission shareholders collectively own approximately 24% of Paladin’s stock following the acquisition.
Following the agreement, Paladin has applied to list its shares on the Toronto Stock Exchange under the ticker “PDN”, which is expected to begin trading on December 27, 2024. Simultaneously, Fission’s shares will be delisted from the TSX, OTCQX and the Frankfurt Stock Exchange, and Paladin also plans to deregister Fission under Canadian securities laws.
Fission’s CEO, Ross McElroy, will step down, while other key executives will remain to support the development of the PLS project. Paladin reviews the feasibility study of the project to optimize costs and timelines. The company also plans to appoint a Canadian non-executive director and a senior executive to strengthen its presence in Canada.
Shares of Paladin traded 0.51% higher at $7.84.
