https://www.theglobeandmail.com/
Paladin Energy Ltd.’s proposed acquisition of Canadian uranium development company Fission Uranium Corp. is hanging in the balance amid a deepening national security probe and a punishing Paladin stock sell-off that has spooked investors.
The Australian miner reached a friendly agreement in June to buy Kelowna, B.C.-based Fission in an all-stock transaction worth $1.14-billion. Fission is developing the Patterson Lake South (PLS) uranium project in the Athabasca Basin region of Saskatchewan.
When Perth-based Paladin announced the transaction, it hoped to close the deal by the end of September, believing it wouldn’t raise any red flags during an initial national security review by Ottawa. But Industry Minister François-Philippe Champagne has since extended the review period under Section 25.3 of the Investment Canada Act, meaning he believes the transaction could be injurious to national security.
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