Radnostix Inc. has entered into a definitive asset purchase agreement with NANO Nuclear Energy Inc. and its subsidiary, HALEU Energy Fuel Inc., to divest assets related to a depleted uranium hexafluoride (DUF6) deconversion and fluorine extraction plant.
The transaction involves the sale of all assets associated with a facility previously planned for Hobbs, New Mexico. The purchased assets include a U.S. Nuclear Regulatory Commission (NRC) Material License SUB-1011, a New Mexico air quality permit, a portfolio of patents covering fluorine extraction processes, and technical documentation originally acquired from General Dynamics.
Under the terms of the agreement, the Buyer Parties will pay Sellers $9.5 million in cash at closing, less any amounts paid to release liens on the assets. Additionally, the Buyer will issue $4 million in restricted shares of NANO common stock to Radnostix. The number of shares is determined based on the volume-weighted average price of the stock during a specific trading period prior to the closing date.
The closing of the transaction is subject to several conditions, including the NRC’s approval to transfer the license, the acquisition of fee simple title to a 640-acre parcel of real property in Lea County, New Mexico, and the completion of environmental assessments satisfactory to the Buyer. The parties anticipate closing in approximately 90 to 120 days.
Radnostix stated that the transaction will allow it to focus on its core radioisotope technology segments and utilize the net proceeds to accelerate growth in its four product segments.
