Paladin Energy Ltd has announced the execution of a Bid Implementation Agreement (BIA) under which it is proposed that Paladin will acquire all of the issued shares of Summit Resources Ltd that it does not presently own, on a scrip for scrip basis by way of a recommended off-market conditional takeover offer.

Paladin is a uranium production company with projects currently in Australia and Canada, and two mines in Africa (both of which are currently on care and maintenance or in the process of being put on care and maintenance). Since 1998, during a period of sustained downturn in global uranium markets, Paladin accumulated a quality portfolio of advanced uranium projects.

Summit is an Australian based uranium exploration company. Summit’s main project is ‘Isa North’, which covers approximately 935 km2 and hosts a number of uranium prospects including the Valhalla, Skal and Bikini deposits. These deposits and multiple small prospects in the Mount Isa region of northwest Queensland are the principal focus of the company’s operations and are located 15 km east and 65 km north of the town of Mount Isa.