ISENF - IsoEnergy and Consolidated Uranium Complete Merger Creating a Leading Diversified Uranium Company in Tier One Jurisdictions | Benzinga
SASKATOON, Saskatchewan and TORONTO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- IsoEnergy Ltd. ("IsoEnergy") (TSXV:ISO, OTCQX:ISENF) and Consolidated Uranium Inc. ("Consolidated Uranium" or "CUR") (TSXV:CUR, OTCQX:CURUF) are pleased to announce the successful completion of the previously announced arrangement (the "Arrangement" or the "Merger") whereby IsoEnergy has acquired all of the issued and outstanding common shares of Consolidated Uranium (the "CUR Shares").
The Arrangement results in IsoEnergy acquiring 100% of the CUR Shares not already held by IsoEnergy or its affiliates and Consolidated Uranium becoming a wholly owned subsidiary of IsoEnergy. Pursuant to the Arrangement, Consolidated Uranium shareholders (the "CUR Shareholders") received 0.500 common shares of IsoEnergy (each whole share, an "IsoEnergy Share") for each CUR Share held. In aggregate, IsoEnergy issued approximately 52,164,727 million IsoEnergy Shares under the Arrangement.
In addition, each of the escrow release conditions in relation to IsoEnergy's previously announced marketed private placement offering of 8,134,500 subscription receipts (the "Subscription Receipts") for aggregate gross proceeds of $36,605,250 have been met. As a result, each outstanding Subscription Receipt has been converted into one common share of IsoEnergy and the net proceeds from the offering has been released from escrow. This investment was led by cornerstone investors including, NexGen Energy Ltd., Mega Uranium Ltd., Energy Fuels Inc., and Sachem Cove Partners LLC. For additional information on the offering of Subscription Receipts, please refer to the news release of IsoEnergy dated October 19, 2023.
Philip Williams, CEO and Director of IsoEnergy, commented, "The closing of the Merger between IsoEnergy and Consolidated Uranium marks a significant milestone for IsoEnergy in cementing its position as a well-funded, globally significant, multi-asset, multi-jurisdiction uranium developer and explorer. The company now ranks among the largest publicly traded uranium companies in the world allowing for greater access to capital and trading liquidity, broader attractiveness among investors and utilities as well as positioning the company strongly for continued growth through further M&A. With significant opportunities for advancement within the combined company's portfolio of assets, we look forward to unlocking value through exploration, particularly at Hurricane, progressing our U.S. assets toward a production ready state, and advancing our Australian projects, all with uranium prices surpassing 16-year highs. Moreover, I extend my gratitude to the departing directors of CUR for their invaluable support and guidance during the past three years. We wish them well as they pursue further endeavours."
Tim Gabruch, President of IsoEnergy, commented, "At a time when sentiment and support for the nuclear sector is increasingly positive and the industry is poised for significant growth, the need for near-term uranium production and high-quality uranium discoveries is growing in importance each day. More than ever, these projects will be needed in stable geopolitical jurisdictions. This aligns with IsoEnergy as it combines assets with Consolidated Uranium, for a portfolio focused on Canada, the U.S. and Australia. Backstopped by its exceptional Hurricane deposit, bringing together the complementary assets of these two companies will position IsoEnergy to contribute to the world's growing uranium needs in a meaningful way. Additionally, we ...