Digital Asset Acquisition Corp. (Nasdaq: DAAQ) and Titan Strategics Holdings have signed a merger agreement that will establish Renaissance Nuclear, Inc., a new publicly listed company with a pro-forma enterprise value of $318 million. At the heart of the deal is the Ranstad mine, located in the Billingen uranium district of south-central Sweden — the country’s largest previously producing uranium mine.
The financial terms are clearly defined. The transaction is expected to generate approximately $65 million in gross proceeds, assuming no redemptions by DAAQ shareholders, and includes a PIPE investment in common equity of at least $15 million, already secured. Titan shareholders will receive 25 million shares in the combined company and will hold approximately 70% of the equity, net of warrants and compensation shares. Closing is expected in early 2027, subject to regulatory and shareholder approvals. The new company is expected to list on either Nasdaq or NYSE.
Titan Strategics holds two exploration licenses — Billingen nr 100 and Billingen nr 200 — covering a combined area of approximately 207 km² within the Billingen district. The licenses were granted by the Swedish Mining Inspectorate on January 16, 2025, are valid until January 16, 2028, and are renewable under the Swedish Minerals Act. The site encompasses the former Ranstad mine, which operated from 1965 to 1969, originally built by AB Atomenergi — the state-owned company behind Sweden’s first nuclear reactor — and later co-managed by LKAB. The uranium deposit sits in a flat layer of alum shale extending for kilometres beneath the plateau.
The geopolitical backdrop lends further momentum to the project. Sweden has lifted its ban on uranium mining, and Europe is actively working to reduce its dependence on Russian nuclear fuel imports. Global uranium demand is rising, further driven by the rapid expansion of artificial intelligence and the growing energy needs of data centres. Titan plans to leverage existing historical exploration data to accelerate the definition of a certified mineral resource, with road and rail infrastructure already in place near the site.
Operational leadership of the new company will be entrusted to Adam Clode, appointed Executive Chairman, who brings over 25 years of experience taking mining projects from resource definition through to production. DAAQ co-chairs Pete Ort and Jeff Tuder contribute more than 30 years of combined experience in investment and SPAC operations. If the merger is completed on schedule, Renaissance Nuclear will become the first publicly listed vehicle dedicated to uranium exploration in Sweden, at a time when Europe is urgently seeking domestic fuel sources for civilian nuclear power.
