Cameco offers to buy junior Hathor Exploration in $520m deal
Cameco is the world's largest uranium producer accounting for 19% of world production from its mines in Canada and the US. Cameco has more than 500 million pounds of proven and probable reserves and extensive resources.
Cameco holds premier land positions in the world's most promising areas for new uranium discoveries in Canada and Australia as part of an intensive global exploration program.
Cameco is also a leading provider of processing services required to produce fuel for nuclear power plants, and generates 1,000 MW of clean electricity through a partnership in North America's largest nuclear generating station located in Ontario, Canada.
Canada's uranium giant Cameco ( TSE:CCO ) ( NYSE:CCJ ) announced Friday that it intends to make an offer for junior Hathor Exploration (TSE:HAT), in a deal that values the target company at around $520 million.
The $3.75 per-share cash proposal was delivered in written form by Cameco to Hathor following the close of market last Friday, but Cameco, one of the world's largest uranium producers, said that it decided to make the offer announcement after discussions with Hathor failed to result in a board-supported agreement.
The offer price for Hathor represents a premium of 40% over the company's closing price yesterday, and is 33% higher than the company's 20-day volume-weighted average price as at August 25.
Hathor is a junior uranium company focused on exploration projects in the Athabasca Basin of northern Saskatchewan, Canada. The company's most significant asset is the Roughrider uranium deposit, which is estimated to contain indicated resources of 17.2 million pounds of uranium in the west zone, plus another 40.7 million pounds of inferred resources in the east and the west zones.
The deposit is also strategically located roughly 25 kilometres northwest of Saskatoon, Saskatchewan-based Cameco's Rabbit Lake mill.
"Our offer provides Hathor shareholders an opportunity to receive an immediate and substantial premium for their shares and eliminate the inherent risks of a company at Hathor's early stage of development," said Cameco president and CEO, Tim Gitzel.
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To date two significant zones of mineralization have been identified and are called the West Zone and the East Zone. The West Zone is approximately 700 m long while the East Zone is 200 m long. The original sampling from the West Zone included samples
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