Titan Uranium (TSXV:TUE) and Energy Fuels (TSX:EFR) announced that they have entered into a Letter of Intent  to pursue a transaction whereby EFR will acquire by way of a plan of arrangement all of the outstanding common shares of Titan.

As quoted in the press release:

Upon completion of the Transaction, existing Titan shareholders will own approximately 42% of the issued and outstanding common shares of EFR, which will then own 100% of Titan.

Energy Fuels and Titan believe that the Transaction will provide a number of significant benefits to the shareholders of both companies, including the following:

• Increased scale and market presence in the uranium sector
• Substantial NI 43-101 compliant resource (37 million pounds U₃O₈ Measured + Indicated, 4.3 million pounds U₃O₈ Inferred – see details below)
• Enhanced near-term production profile
• Focus on US production with low political risk
• Creation of a strong platform for continued uranium consolidation within the US
• Greater financial strength
• Combined management experience and expertise

Click here to read the press release.