Canadian mining company Cameco is planning to acquire all the outstanding shares of Hathor Exploration for about C$520m ($531m), with a cash consideration of C$3.75 ($3.80) per share.

Hathor Exploration owns the Rough Rider uranium deposit in Canada, which has an estimated indicated and inferred resource of about 17.2 and 40.7 million pounds of uranium respectively.

The offer provided by Cameco for Author’s share represents an attractive premium of 40% over Hathor’s closing price and 33% over Hathor’s 20-day volume-weighted average price.

The offer is not subject to a financing condition and will be funded through existing cash on hand.

Cameco president and CEO Tim Gitzel said that the offer provides Hathor shareholders an opportunity to receive an immediate and substantial premium for their shares, and eliminates the inherent risks of a company at Hathor’s early stage of development.