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Canadian uranium miner IsoEnergy ISO-X said on Wednesday that it would buy all the shares of Consolidated Uranium CUR-X it does not already own in an all-stock deal, valuing the combined company at $903.5-million.

The deal is expected to close in the fourth quarter of this year, post which Consolidated Uranium shareholders would own 29.5 per cent of the combined company, while the rest will be held by IsoEnergy.

Consolidated Uranium said in a statement to Reuters that IsoEnergy owns around 900,000 shares or about 1 per cent of the company.

Uranium prices are trading around $66.25 a pound, their highest since the 2011 Fukushima disaster, as mounting worries over climate change accelerate a global shift to cleaner sources of energy, including nuclear power.

A push to improve energy security, particularly after Russia’s invasion of Ukraine upended global oil markets, has also stoked demand, while supplies remain constrained.

Consolidated Uranium shareholders would receive 0.500 of a common share of IsoEnergy for each share held.

The deal values entire Consolidated Uranium at $240.7-million or $2.405 per share, representing a premium of 26 per cent to the stock’s last close, as per Reuters calculations.

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