alpha_logo_lowres.1 So long Alpha Minerals, you beautiful bastard! Read our past coverage of this tremendous discovery here.

(Stockwatch)

(Stockwatch)

Just one week after public talks began to consolidate ownership of the PLS discovery, Alpha Minerals has agreed to sell itself to Fission Uranium for $7.67 per Alpha Share in a news release out this morning. Shareholders of Alpha will receive 5.725 shares of Fission for each Alpha share held by them. This represents a 11% premium to the closing prices on August 30, 2013.

Both Alpha and Fission shareholders will receive all of their respective company's non-cash assets and obligations other than the PLS joint venture through the creation of two new spin out companies. Each spinco will receive $3 million cash to fund future programs at other assets.

Additionally, Alpha will have the right to appoint 2 members to Fission's 5 member board of directors (Read: Dev Rhandawa's now in charge of PLS).

Ben Ainsworth, President and CEO of Alpha, commented, “Our Board of Directors is pleased by the unification of this exploration project. Alpha and Fission have advanced Patterson Lake South in less than one year from initial discovery on November 3, 2012 to the continuing indications that it is one of the most significant uranium discoveries in the Athabasca Basin. We believe that with the consolidation, the project will provide further benefits to our shareholders. Also, the creation of a new company will offer our shareholders upside potential from the technologies used at PLS in the exploration of other properties in Alpha’s portfolio.”

For complete details, read Alpha's news release: Fission Uranium To Acquire Alpha For $7.67 Per Alpha Share; Both To Spin Off Certain Assets.

Disclosure: We own shares in Alpha Minerals. Past coverage here.