Photo: Contributed
Patterson Lake South project
A western Australia energy company has reached an agreement to purchase a Kelowna uranium business.
Paladin Energy Limited, which is based in Perth, will acquire 100% of the issued and outstanding shares of Fission Uranium Corp., whose head office is in Kelowna’s Landmark District.
Fission fully owns the Patterson Lake South uranium property—a proposed high-grade uranium mine and mill in Saskatchewan. Paladin, meanwhile, is a uranium producer with a 75% ownership of the Langer Heinrich Mine in Namibia.
“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” Paladin CEO Ian Purdy said in a press release.
“Fission is a natural fit for our portfolio with the shallow high-grade PLS project located in Canada’s Athabasca Basin. The addition of (Patterson Lake South) creates a leading Canadian development hub alongside Paladin’s Michelin project, with exploration upside across all Canadian properties.”
Fission shareholders will receive 0.1076 fully paid Paladin shares for each Fission share held when the deal closes, which will give them 24% of the new company. The implied equity value of the sale is $1.14 billion, and Paladin will have a projected value of US $3.5 billion when the transaction becomes official.
“The combination of Fission and Paladin will create a world class diverse uranium producer, adding a class leading development project in a Tier 1 jurisdiction with the ability to expand production and cash flow profiles in the near term,” Fission president and CEO Ross McElroy said. “With commercial production at Langer Heinrich and further development milestones at PLS, this opportunity will create a diverse pure play uranium company with current production and a deep pipeline of near and mid-term assets available to investors.”
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