Paladin Energy's Fission Energy Acquisition Approved by Canadian Authorities

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Paladin Energy,Fission Energy,Acquisition

Paladin Energy's C$1.14 billion acquisition of Fission Energy has received final approval from Canadian authorities after a thorough review. The deal, conceived three years ago, is set to close next month. The transaction faced scrutiny due to growing resource nationalism concerns, particularly regarding China's influence on critical minerals. Paladin agreed to restrictions on selling Canadian uranium to China beyond an initial three-year agreement with China General Nuclear Power Group. The acquisition expands Paladin's Canadian development portfolio with the PLS uranium project.

After very "thorough and comprehensive" vetting by Canadian authorities, Paladin Energy has got the tick of approval for its acquisition of Fission Energy.The C$1.14 billion equity transaction unveiled in June is now set to close next month.The deal was conceived three years ago, according to Paladin CEO Ian Purdy.

In tandem with the TSX listing, Paladin must appoint a Canadian citizen to its board, and all senior executives of the company must "not have current or prior contractual, financial or fiduciary relationships with any state-owned enterprise of the People's Republic of China".The now-set-to-be Paladin-owned PLS uranium project is some years off reaching the development stage.PLS doubles Paladin's development portfolio in Canada given its long held Michelin project in Labrador.

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