Fission Uranium Corp. has signed a deal to be acquired by Australian company Paladin Energy Ltd. in an all-stock agreement valued at about $1.1 billion.

Under the proposal, Fission shareholders will receive 0.1076 shares of Paladin for each Fission share held. The offer implies a value of $1.30 per Fission share.

Fission shares closed at $1.03 on the Toronto Stock Exchange on Friday.

Existing Paladin shareholders will own about 76 of the combined company, while existing Fission shareholders will own 24 per cent.

Fission owns the Patterson Lake South uranium property in the Athabasca Basin region in Saskatchewan.

The deal requires shareholder and other approvals including Investment Canada Act and Competition Act clearance.

This report by The Canadian Press was first published June 24, 2024.