Fission 3.0 Corp. is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement. Between the two tranches the Company raised $8 million to support additional drilling and exploration on its most prospective properties. COO and Chief Geologist Ross McElroy commented,
“Fission 3 continues to build a strong portfolio of properties in the world’s premiere uranium district, the Athabasca Basin. Backed by a highly successful award winning technical team credited with multiple discoveries, Fission 3 will focus on drill testing several prospective projects that have the potential to host high grade uranium.”
The Company issued 16,300,000 units at a price of C$0.10 per Unit for gross proceeds of C$1,630,000 and 1,850,000 flow-through shares at a price of C$0.10 per FT Share for gross proceeds of C$185,000 in the final tranche of the Private Placement. In the aggregate, the first and second tranches of the Private Placement total 68,350,000 Units and 11,650,000 FT Shares for aggregate gross proceeds of C$8,000,000. Each Unit consisted of one common share and one common share purchase warrant.
Each Warrant is exercisable for an additional Common Share until three years from the date of issuance at an exercise price of C$0.15. If, commencing four months and one day after the date of issuance, the volume weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is higher than C$0.30 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period the expiry date of the Warrants may be accelerated by the Company in its absolute discretion to the 30th calendar day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The Common Shares, Warrants, common shares issuable on exercise of the Warrants and FT Shares will be subject to resale restrictions for a period of four months from issuance.
In connection with the closing of the final tranche of the Private Placement, Sprott Global Resource Investments, Ltd. and certain other finders received an aggregate cash commission of $121,040, representing commissions of up to 8% of the gross proceeds raised by such finders, for an aggregate total commission of $519,440 for the first and second tranches of the Private Placement.
The gross proceeds of the offering of FT shares will be used to incur Canadian exploration expenses, which will be renounced in favour of the purchasers for the 2018 taxation year. The net proceeds from the sale of the Units will be used to advance development of the Company’s properties and for general working capital.
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.
Giga Metals Corp. (TSX-V: GIGA) announced the results of a Pre-Fe... READ MORE
Red Pine Exploration Inc. (TSX-V: RPX) (OTCQB: RDEXF) is pleased ... READ MORE
Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE
i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) is pleased to announce th... READ MORE
FE Battery Metals Corp. (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) is... READ MORE