Eagle Nuclear Energy proposes acquisition of Noble Plains Uranium

Eagle Nuclear Energy Corp. has signed a binding letter of intent to acquire Noble Plains Uranium Corp. through an all-share transaction. The deal, which would make Noble Plains a wholly owned subsidiary of Eagle Nuclear, is valued at an indicated C$0.125 per share based on a fixed exchange ratio of 0.0167 Eagle shares for each Noble Plains share.

While the companies initially cited a 92 percent premium over Noble Plains' October 29 closing price, recent market fluctuations suggest a different valuation. Based on Eagle Nuclear's November 3 closing price, the consideration would be worth approximately C$0.100 per share, representing a 54 percent premium to the October 29 close.

The acquisition is expected to proceed through a court-approved arrangement in British Columbia. Noble Plains is a uranium explorer focused on projects in Wyoming, while Eagle Nuclear manages the Aurora uranium project in Oregon and maintains access to small modular reactor technology. The companies have set a 60-day period for due diligence and negotiations toward a definitive agreement.