FISSION URANIUM CORP. is pleased to announce that it has closed its previously announced over-subscribed bought deal financing for aggregate gross proceeds of approximately C$17.07 million.
Pursuant to the Offering, the Company issued 62,090,303 units of the Company, including 7,544,803 Units issued in connection with the partial exercise of the over-allotment option granted to the Underwriters in connection with the Offering, at a price of C$0.275 per Unit for aggregate gross proceeds of C$17,074,833.33. The Offering was completed through a syndicate of underwriters co-led by Eight Capital and Sprott Capital Partners LP, and including H.C. Wainwright & Co., LLC and Canaccord Genuity Corp.
Each Unit will consist of one common share in the capital of the Company and one half of one Common Share purchase warrant. Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.41 for a period of 24 months following the closing of the Offering.
The Underwriters received a cash commission of 6.0% of the gross proceeds of the Offering, subject to a reduced cash commission being payable on sales to certain members of the president’s list, including on the proceeds realized on the exercise of the Over-Allotment Option.
The net proceeds of the Offering will be used to fund the further development of the Triple R deposit in Saskatchewan, to repay certain amounts owing under the credit facility among the Company, Sprott Resources Lending Corp. and Sprott Private Resource Lending II (Collector), LP, and for working capital and general corporate purposes.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Fission Uranium
Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property – host to the class-leading Triple R uranium deposit – and is headquartered in Kelowna, British Columbia. Fission’s common shares are listed on the Toronto Stock Exchange and trade on the OTCQX marketplace in the U.S.
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