Fission Uranium Corp, the Canadian mining company, is planning to make hostile bid for Alpha Minerals Inc after it refused to engage in "meaningful discussions." Fission had made a CAD171 million buyout offer last week. Alpha Minerals, as a response, had said that a special committee has been formed to discuss Fission's proposal.
Alpha engaged Raymond James Ltd as its financial adviser. According to the company, Raymond James Ltd has been "an active participant in an ongoing dialogue with Fission over the past several months regarding consolidation." Alpha also claimed that it had responded to the offer before expiration of the Sunday deadline. The company has requested for more time to consider Fission's proposal.
The company also added, "If Alpha continues to refuse to engage with Fission on the proposal, Fission will consider making a formal offer directly to Alpha's shareholders." Should the deal push through, Fission would gain complete control of the Patterson Lake South uranium project in the Athabasca basin in northern Saskatchewan.
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