Australia’s Paladin Energy Ltd. PALAF has reached an agreement to buy Canadian mining development company Fission Uranium Corp. FCU-T in a friendly transaction worth $1.14-billion, as Fission lays down a big bet on a uranium project in Saskatchewan.
Kelowna, B.C.-based Fission is developing the Patterson Lake South (PLS) project in the Athabasca Basin region of Saskatchewan, and hopes to be in production by the end of the decade.
Paladin is offering 0.1076 of its shares for each Fission unit, or $1.30 a share, a premium of just under 26 per cent compared to Friday’s closing price on the Toronto Stock Exchange.
Investor interest in the uranium sector has perked up over the past few years, thanks to a run-up in the price of the commodity. Nuclear power is increasingly pitched as a clean energy source because it generates no CO2 emissions.
The potential of Fission’s Saskatchewan uranium project is “right up there” with those…
