The Supreme Court of British Columbia is expected to deliver its decision in the coming weeks regarding Paladin Energy’s (ASX:PDN) proposed acquisition of Fission Uranium (TSX:FCU).
Paladin is seeking to take over the Canadian uranium miner by way of a court approved plan of arrangement under the Canada Business Corporation Act.
Completion of the arrangement remains subject to closing conditions, including receipt of a final order approving transaction from the court and Investment Canada Act clearance.
The hearing before the court for the final order concluded on 26 September 2024 with the final decision now due in weeks.
CGN Mining Company, a subsidiary of Hong Kong-listed China General Nuclear Power (HKG:1816), which holds a disclosed interest of 11.26% of the outstanding common shares of Fission, opposed the approval of the arrangement at the final hearing.
On 2 October 2024, Paladin received a notice from the Minister of Innovation, Science and Industry ordering a national security review of the arrangement under the Investment Canada Act (ICA).
Accordingly, consideration of the arrangement under the ICA has been extended and remains ongoing. Paladin is considering the Minister’s notice, exploring its available options and evaluating the prospects of obtaining ICA clearance in respect of the arrangement.
Fission Uranium is a Canadian uranium project developer and 100% owner of the Patterson Lake South uranium property – a proposed high-grade uranium mine and mill in Canada’s Athabasca Basin region.
Write to Adam Orlando at Mining.com.au
Images: Fission
