IsoEnergy to acquire Toro Energy

IsoEnergy (ISOU)and Toro Energy announce that they have entered into a scheme implementation deed, the SID, pursuant to which, among other things, IsoEnergy has agreed to acquire all of the issued and outstanding ordinary shares of Toro by way of a scheme of arrangement under Australia’s Corporations Act 2001, subject to the satisfaction of various conditions. Toro owns 100% of the Wiluna Uranium Project, located 30km south of the town of Wiluna in the northern goldfields of Western Australia. Under the terms of the Transaction, Toro shareholders will receive 0.036 of a common share of IsoEnergy for each Toro Share held on the Scheme record date. Existing shareholders of IsoEnergy and Toro will own approximately 92.9% and 7.1% on a fully-diluted in-the-money basis, respectively, of the outstanding ISO Shares upon implementation of the Transaction. The implied fully-diluted in-the-money equity value of the Transaction is equal to approximately A$75.0million