11:54 AM EDT, 06/24/2024 (MT Newswires) -- Fission Uranium ( FCUUF ) on Monday said it agreed to be acquired by Australia's Paladin Energy for shares valued at $1.14 billion.

Fission shareholders will receive 0.1076 of a Paladin share for each Fission share held, an implied value of $1.30 per Fission share. That is a 26% premium to Fission's closing price on June 21 and a 30% premium to the 20-day volume-weighted average price on the same day.

At deal completion, Fission shareholders will own 24% of Paladin, which will have a pro-forma market capitalization of about US$3.5 billion. Paladin shareholders will own the remaining 76%. Paladin has applied to list its shares on the Toronto Stock Exchange.

Fission's board of directors received a unanimous recommendation from its special committee of independent directors and recommends that Fission shareholders vote in favor of the deal.

The transaction, which is scheduled to close later this year, will create a company with uranium projects in Canada, Namibia and Australia.

"Fission is a natural fit for our portfolio with the shallow high-grade PLS project located in Canada's Athabasca Basin," said Paladin chief executive Ian Purdy said in a release. "The addition of PLS creates a leading Canadian development hub alongside Paladin's Michelin project, with exploration upside across all Canadian properties."

Fission shares were last seen up $0.155 to $1.185 on the Toronto Stock Exchange