Market Mover | Paladin Energy shares rise 5% on Fission acquisition approval
Shares of $Paladin Energy Ltd (PDN.AU)$, an Australian miner, rose 4.78% to A$8.770 on Tuesday. Today, Paladin Energy announced that Fission shareholders have approved the acquisition by Paladin Energy.
On 24 June 2024, Paladin Energy disclosed a definitive agreement to acquire $Fission Uranium Corp (FCU.CA)$ for a 1.14 billion CAD implied equity value, aiming to bolster its uranium portfolio amidst escalating demand and constrained uranium availability. Today, according to the ASX announcement, Paladin Energy announced that Fission shareholders have approved the transaction, with 67.9% of votes cast at the meeting in favour of the transaction, exceeding the required threshold.
This successful vote of this transaction marks a pivotal milestone in Paladin Energy's strategic expansion, encompassing the development of Fission Uranium Corp's Patterson Lake South project alongside its flagship Langer Heinrich Mine. This move is poised to capitalize on the burgeoning global demand for uranium, crucial for decarbonization initiatives.
Paladin CEO lan Purdy commented:
We fully expect that the combination of our companies will create significant value for all shareholders. Fission's Patterson Lake South project is a natural fit for Paladin, delivering medium term development potential to augment production from the recently restarted Langer Heinrich Mine. With producing assets, a quality near term development project and a global portfolio of exploration assets, Paladin is well positioned to continue to deliver value for its shareholders from the structural demand shift for uranium driven by global decarbonisation.
Sources: ASX, Reuters, Tipranks
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