The sale of Fission Uranium Corp (TSX: FCU) is evidently the transaction that just won’t close. The company late last night revealed that there is yet another delay to the closing of its acquisition by Paladin Energy (ASX: PDN).
The latest delay comes from the Canadian government, with the Minister of Innovation, Science and Industry ordering a national security review before the transaction is permitted to proceed. The transaction now requires clearance under the Investment Canada Act, with Fission said to now be considering the notice and evaluating the prospects of obtaining such clearance.
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Consideration of the arrangement with Paladin Energy remains ongoing, with the merger now subject to receipt of a final order from the Supreme Court of British Columbia, as well as ICA clearance. The delay in approval from the Supreme Court follows CGN Mining, which holds an 11% interest in Fission, attempting to block the merger in court, with the courts decision on the matter still pending.
This also follows after the company struggled to obtain shareholder support for the transaction to close in the first place.
Fission Uranium last traded at $1.01 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.
