Australian miner Paladin Energy said on Monday it had entered into an agreement to buy Canada’s Fission Uranium CorpThe deal comes at a time when prices for uranium, used to fuel most of the world’s nuclear reactors supplying 16 per cent of the global energy, has increased significantly last year due to rising demand and limited supply.
, a 25.8 per cent premium to its closing price of $1.03 on Friday. Paladin has applied for listing its stock on the Toronto Stock Exchange , where Fission shareholders will own 24 per cent Paladin shares, the company said.“This arrangement significantly de-risks the mine-building financing at Patterson Lake South projects , with the cash flow generation at Langer Heinrich and a strong balance sheet creating an opportunity to significantly fund the development of PLS,” Fission President and CEO Ross McElroy said.
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