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.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

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, […]

Click here to view original web page at www.spglobal.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.