On June 24, 2024, Paladin Energy Limited and Fission Uranium Corp. entered into a definitive agreement where Paladin will acquire 100% of Fission’s outstanding shares via a court-approved plan under the Canada Business Corporation Act. Fission shareholders will receive 0.1076 Paladin shares per Fission share, implying a value of C$1.30 per share and a total equity value of C$1.14 billion. This offer represents a 25.8% premium to Fission’s closing price on June 21, 2024, and a 30% premium to its 20-day volume-weighted average price. Post-transaction, Fission shareholders will own 24% of the combined entity, which will have a pro-forma market capitalization of approximately US$3.5 billion.

Paladin has applied for listing on the Toronto Stock Exchange concurrent with the transaction’s completion. The deal, endorsed by Fission’s Board and a special committee, received fairness opinions from Cantor Fitzgerald and SCP Resource Finance. It is expected to close in Q3 2024, subject to customary conditions and approvals.

Legal advisors included Fasken Martineau DuMoulin LLP and Corrs Chambers Westgarth for Paladin, and Blake, Cassels & Graydon LLP for Fission. Macquarie Capital served as Paladin’s financial advisor, while SCP Resource Finance and Cantor Fitzgerald advised Fission.

This acquisition aims to create a leading uranium company with enhanced project development, multi-asset production by 2029, and increased exposure to attractive uranium markets.