Noble Plains Uranium (TSX-V:NOBL) has signed a binding letter of intent (LOI) to be acquired by Eagle Nuclear Energy (NASDAQ:NUCL).
The LOI offers C$0.125 ($0.13) a share, representing a 92% premium to the 29 October close of C$0.065. Each Noble Plains share converts to 0.0167 of an Eagle share through a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Eagle will provide a secured bridge loan of up to C$500,000, subject to documentation and TSX-V acceptance. The LOI includes a reciprocal US$400,000 ($570,949) break fee and a 60-day exclusivity and due diligence period targeting a definitive agreement.
The transaction requires approval from at least 66.66% of votes cast at a special meeting expected in Q1 2027, as well as majority-of-minority, TSX-V, and Nasdaq approvals.
On completion, Eagle shares outstanding will increase from around 29.8 million to approximately 31.3 million.
Noble Plains is advancing the Duck Creek and Shirley Central projects in Wyoming in the US, while Eagle holds the Aurora deposit in Oregon.
President and CEO Drew Zimmerman says Eagle Nuclear’s offer price reflects the quality of Noble Plains’ projects.
“Our team has built that value on our projects in the prominent Powder River and Shirley basins,” Zimmerman says.
“What they need now is scale and capital, and Eagle Nuclear brings both, along with a team that knows how to advance uranium projects.”
Eagle Nuclear CEO Mark Mukhija says Noble Plains gives Eagle Nuclear “greater scale at a time when the need for domestic US uranium production is growing”.
Noble Plains Uranium is a US-focused uranium explorer and developer advancing a portfolio of projects amenable to in situ recovery.
Write to Paula Fabe at Mining.com.au
Main image: Noble Plains Uranium
