Energy Industry News

Paladin CEO bullish on clearing national security test on Fission deal, as Ottawa inquires about state-owned China shareholder

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 35 sec. here
  • 13 min. at publisher
  • 📊 Quality Score:
  • News: 55%
  • Publisher: 92%

Streetwise News

Paladin,Fission,Cgn

Australia’s Paladin Energy last month said it had reached a friendly agreement to buy Kelowna, B.C.-based Fission in an all-stock transaction worth $1.14-billion

will clear a national security probe, as Ottawa makes enquiries about CGN Mining Co. Ltd., a China-based state-owned deal stakeholder.

Ian Purdy, the chief executive of Paladin, said in an interview that meetings earlier this week with government officials about the transaction had gone well. The CGN investment dates back to 2016 and came six years before Ottawa unveiled stringent measures aimed at preventing any future investment from China into Canadian critical minerals companies.

If the transaction goes ahead, the Chinese investor’s influence will fall dramatically. CGN will not have a seat on Paladin’s board, Mr. Purdy said. The offtake agreement will only last for three years, and CGN’s equity ownership will fall from a 12 per cent holding in Fission to about a 2.5 per cent stake in Paladin, he added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australian miner Paladin Energy to buy Canada’s Fission Uranium for $1.14-billionUnder the offer, Fission shareholders will receive 0.1076 shares of Paladin for every Fission share held, the company said, adding the deal implies a value of $1.30 per share for the Canadian miner
Source: globebusiness - 🏆 31. / 66 Read more »

Paladin Energy buying Fission Uranium in stock deal valued at $1.1 billionKELOWNA, B.C. — Fission Uranium Corp. has signed a deal to be acquired by Australian company Paladin Energy Ltd. in an all-stock agreement valued at about...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Paladin Energy buying Fission Uranium in stock deal valued at $1.1 billionFission Uranium Corp. has signed a deal to be acquired by Australian company Paladin Energy Ltd. in an all-stock agreement valued at about $1.1 billion.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Australia’s Paladin Energy to buy Canada’s Fission Uranium for $1.14-billionPaladin believes that the acquisition will help it benefit from investor interest because of increased trading liquidity, wider analyst coverage and more funding options
Source: globeandmail - 🏆 5. / 92 Read more »