RBC Capital Markets, for instance, cut its target price on Uranium One to C$15 from C$19, saying the company offered too high a price and noting the dilutive impact of the purchase. Froneman defended the offer, which would see Energy Metals shareholders receive 1.15 Uranium One shares for each issued share of EMC. "We know that Energy Metals is fully valued, but we also know how we will deliver out of Energy Metals, and therefore we're able to offer a premium and still make it value accretive," he said.