PDN reports it has received Investment Canada Act (ICA) clearance for acquisition of Fission Uranium Corp (TSX:FCU, Not Covered / No Rating). This is the final regulatory clearance required for completion of the PDN-FCU Arrangement. The deal is expected to be finalised by early January 2025. Once combined with FCU, PDN will have a total market capitalisation equivalent of ~A$3.0 billion and will be listed on both the ASX and TSX. The transaction provides PDN with a viable growth pipeline through the Patterson Lake South (PLS) project. The deal will also provide PDN with access to FCU’s cash and short-term investments, reported as ~C$135M at the end of the September quarter. In our view, this is an excellent outcome and charts a new path forward. Water availability in Namibia remains a concern for Langer Heinrich production.
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