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(Bloomberg) — Eagle Energy Metals Corp., a uranium miner and nuclear reactor technology developer, has agreed a deal to go public through a merger with blank-check company Spring Valley Acquisition Corp. II, capitalizing on growing demand for energy amid the artificial intelligence boom.
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The deal gives the combined company a pro-forma equity value of $312 million, according to a statement seen by Bloomberg News. An investor the company didn’t name has agreed to invest $30 million in the deal via a convertible preferred stock offering, the statement shows.
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The flagship asset of the Reno, Nevada-headquartered company is Aurora, a uranium deposit on the border of Oregon and Nevada with over 50 million pounds of near-surface uranium, according to the statement. Aurora’s pre-feasibility study preparation is targeted to begin in 2026. The company has a second site, Cordex, which is adjacent to Aurora. Eagle is also developing proprietary so-called small modular reactor technology.
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Eagle’s SPAC deal comes amid growing demand for electricity driven by artificial intelligence, quantum computing and cryptocurrency mining. NuScale Power Corp., a company developing a small modular reactor, went public in 2022 via a merger with a SPAC sponsored by Spring Valley Acquisition Corp. II’s Chairman and Chief Executive Officer Chris Sorrells and Chief Financial Officer Robert Kaplan. NuScale’s shares have gained about 400% since it went public.
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Eagle’s equity investors are expected to own approximately 66% of the post-combination company, assuming no redemptions, according to the statement.
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The combined company will be named Eagle Nuclear Energy Corp. and is expected to be listed on the Nasdaq in late 2025, subject to shareholder approval and other closing conditions, the statement shows. Cohen & Co. advised Eagle on the transaction.
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—With assistance from Will Wade.
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