Fission 3.0 Corp. (TSX-V: FUU) is pleased to announce that it has closed its previously announced private placement (see news release dated July 22, 2020), consisting of 20,000,000 units at a price of $0.05 per Unit for total gross proceeds of $1,000,000.
Each Unit is comprised of one common share and one common share purchase warrant. Each Warrant is exercisable to purchase one common share of the Company at a price of $0.06 per share for a period of 24 months from the date of closing of the Private Placement.
The net proceeds from the Private Placement will be used for future exploration work on the Company’s projects, corporate development, and general corporate and working capital purposes.
Ross McElroy, COO, and Chief Geologist for Fission 3.0, commented,
“Fission 3’s award winning technical group has assembled an impressive portfolio of properties in Saskatchewan’s Athabasca Basin, home of the world’s highest grade uranium deposits.
The properties were staked based on their potential to host large, shallow depth and high-grade uranium, similar in nature to that which led the team to discover the Triple R deposit on Fission Uranium’s PLS project.”
In connection with the closing of the Private Placement, the Company paid aggregate cash finder’s fees of $11,650.
A portion of the Private Placement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions as 2,140,000 Units were issued to certain insiders of the Company pursuant to the Private Placement. The issuance of the securities to the insiders are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) as the Company’s common shares are not listed on a specified market and the fair market value of these securities will not exceed 25% of the Company’s market capitalization.
All securities issued pursuant to the Private Placement are subject to a four month hold period from the closing date in accordance with applicable securities laws.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia.
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We acknowledge the [financial] support of the Government of Canada.