Fission Uranium (TSX: FCU) has inched closer to closing its sale to ASX-listed Paladin Energy. The company last night indicated it has received a final order from the Supreme Court of British Columbia approving the transaction.
While not typically a major hurdle in the M&A world, The approval is significant as it signifies the courts rejection of CGN Mining’s objection to the transaction. A subsidiary of China General Nuclear Power Corp, CGN Mining held an 11.26% interest in Fission and attempted to block the transaction through a formal objection in court, which delayed the receipt of court approval.
READ: Fission Uranium: China’s CGN Moves To Block Merger With Paladin Energy
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During that period of delay however, Canada’s government decided that the transaction required approval from the Minister of Innovation, Science and Industry. The federal government has ordered a national security review under the Investment Canada Act, which Fission says it is currently working towards obtaining, however no timeline has been provided for the transaction to close as a result.
Fission Uranium last traded at $1.03 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
