With the completion of the acquisition, Paladin now held the title to uranium assets within the Central Labrador mineral belt of eastern Canada, totaling 83.8-million pounds of measured and indicated resource, and a further 53-million pounds of inferred resource across six deposits.
The transaction was completed for a total consideration of CAD260.87m through the issuance of 52,097,937 ordinary shares in Paladin.
The company said that the value of the current resource is estimated at around $1,9bn.
With completion of this transaction, Fronteer now holds approximately 6.7% of Paladin’s ordinary shares.
Fronteer has also entered into an agreement that sets out procedures designed to ensure that any disposition of shares by Fronteer will occur in an orderly fashion.
