Consolidated Uranium agrees to buy undeveloped Virginia uranium project

Consolidated Uranium, which owns a portfolio of pre-production and mothballed uranium projects, has agreed to acquire Virginia Energy Resources, owner of an undeveloped uranium deposit in that state, for C$29 million (US$21.6 million) in stock.

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Register Now Under the deal announced Nov. 15, Virginia Energy shareholders would receive 0.26 shares of Consolidated Uranium for each share in Virginia Energy they hold. Both company stocks are listed on the Toronto Stock Exchange.At the closing price Nov. 14, that implied a value for the transaction of C$32.2 million. However, the value dropped as shares of Consolidated Uranium declined in recent days. The price of Consolidated Uranium shares fell after the announcement, closing at C$1.73 Nov. 22, down more than 10% from C$1.93 on Nov. 14, the day before the announcement.Prices of Virginia Energy shares climbed on the news of the deal, […]

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