NANO Nuclear signs $13.5 million deal for NRC-licensed New Mexico fuel assets
Consideration is $9.5 million cash and $4.0 million in NANO stock, with closing expected in about 90 to 120 days.
Key facts
- NRC license covers a DUF6 deconversion and fluorine extraction facility in Lea County, New Mexico
- Licensed facility was never constructed; licensing basis also met 10 CFR Part 70 Subpart H requirements
- Upon license transfer, NANO would own one of ten NRC-licensed fuel cycle facilities in the U.S.
- Seller is Radnostix, formerly International Isotopes Inc., with subsidiary International Isotopes Fluorine Products
- Closing subject to NRC consent, New Mexico approvals and site arrangements, per NANO Nuclear
NANO Nuclear Energy and its subsidiary HALEU Energy Fuel Inc. entered a definitive asset purchase agreement with Radnostix, Inc. (formerly International Isotopes Inc.) and its subsidiary International Isotopes Fluorine Products, Inc. to acquire nuclear fuel processing assets in Lea County, New Mexico, the company said on October 1. The assets include an NRC license, related intellectual property and technical materials associated with a previously planned depleted uranium hexafluoride (DUF6) deconversion and fluorine extraction facility. The facility was not previously constructed.
Consideration at closing is $9.5 million in cash and $4.0 million in NANO common stock. Closing is subject to NRC consent to the license transfer, other required approvals and consents including from New Mexico officials, satisfactory site arrangements and other closing conditions. The parties expect closing in approximately 90 to 120 days.
License issued under Part 40, with Part 70 requirements
The license was originally issued to construct and operate the DUF6 deconversion and fluorine extraction facility in Lea County. It was issued under 10 CFR Part 40, "Domestic Licensing of Source Material," and the licensing basis was required by the NRC to meet applicable requirements of Subpart H of 10 CFR Part 70, "Domestic Licensing of Special Nuclear Material," in connection with a rulemaking framework previously contemplated by the NRC. The acquisition also includes patented technology, engineering and safety analyses, regulatory and permitting materials, equipment and historical project development records.
Following closing and transfer of the license, NANO Nuclear would own one of ten NRC-licensed fuel cycle facilities in the United States.
No final investment decision
After closing and license transfer, NANO Nuclear plans to continue evaluating options for the optimal commercial and development pathway for the acquired assets, including potential deconversion and other fuel cycle activities, and opportunities to collaborate with potential strategic partners. No final investment decision has been made, and any future development remains subject to applicable technical, commercial, financing and regulatory considerations.
