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FCU - Fission Uranium News Story

C$0.66 -0.0  -2.9%

Last Trade - 09/04/21

Sector
Energy
Size
Small Cap
Market Cap £225.0m
Enterprise Value £211.8m
Revenue £n/a
Position in Universe 482nd / 2707

Fission Announces $15 Million Bought Deal Offering

Mon 26th October, 2020 11:00am
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES

KELOWNA, British Columbia, Oct. 26, 2020 (GLOBE NEWSWIRE) -- FISSION URANIUM
CORP. ("Fission" or the "Company") is pleased to announce that it has entered
into an agreement with Eight Capital to act as co-lead underwriter and sole
bookrunner, on behalf of a syndicate of underwriters co-led by Eight Capital
and Sprott Capital Partners (collectively, the “Underwriters”), pursuant
to which the Underwriters have agreed to purchase, on a bought deal basis,
54,545,500 units of the Company (the “Units”), at a price of C$0.275 per
Unit (the “Offering Price”) for gross proceeds to the Company of
C$15,000,012.50 (the “Offering”).

Each Unit will consist of one common share in the capital of the Company (a
“Common Share”) and one half of one Common Share purchase warrant (a
“Warrant”). Each whole Warrant will entitle the holder thereof to purchase
one Common Share (a “Warrant Share”) at a price of C$0.41 for a period of
24 months following the Closing Date (as defined below).

The Company will pay the Underwriters 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 any
proceeds realized on the exercise of the Over-Allotment Option.

In addition, CGN Mining Company Limited. may exercise its right to maintain
their pro rata interest in the outstanding shares of the Company by
participating in the Offering, or by purchasing in a private placement, Units
at the Offering Price which will increase the gross proceeds to the Company.

The Underwriters have been granted an option (the “Over-Allotment
Option”), exercisable in whole or in part, at any time for a period of 30
days after and including the Closing Date (as defined herein), to purchase
from the Company up to an additional 15% of the Units offered under the
Offering.

The Offering is expected to close on or about November 17, 2020, or such other
date as may be agreed by the Underwriters and the Company (the “Closing
Date”), and is subject to the Company receiving all necessary regulatory
approvals, including the approval of the Toronto Stock Exchange (the
“TSX”) and applicable securities regulatory authorities. The Units will be
offered by way of a short form prospectus in each of the provinces of Canada,
excluding Quebec.

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 under the symbol "FCU" and trade on the OTCQX
marketplace in the U.S. under the symbol "FCUUF."

 ON BEHALF OF THE BOARD                 Investor Relations      
                                                                
 " Ross McElroy "                       TF: 877-868-8140        
 _________________________________      ir@fissionuranium.com   
 Ross McElroy, Chief Executive Officer  www.fissionuranium.com  

Forward-Looking Statements

Cautionary Statement: 
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of Canadian legislation.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to". Forward looking statements contained in this press release
may include statements which involve known and unknown risks and uncertainties
which may not prove to be accurate. Actual results and outcomes may differ
materially from what is expressed or forecasted in these forward-looking
statements. Such statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations. Among those factors
which could cause actual results to differ materially are the following: risks
related to the Offering, risks related to the Company to obtaining all
necessary regulatory and third party approvals (including approval from the
TSX) for the Offering; risks related to Fission's limited business history,
risks related to the nature of mineral exploration and development,
discrepancies between actual and estimated mineral resources, risks related to
uranium market price volatility, risks related to the market value of the
common shares of Fission, risks related to market conditions, risks related to
the novel coronavirus (COVID-19) pandemic, including disruptions to the
Company’s business and operational plans, risks related to the global
economic uncertainty as a result of the novel coronavirus (COVID-19) pandemic
and other risk factors listed from time to time in our reports filed with
Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking
statements included in this press release are made as of the date of this
press release and the Company and Fission Uranium disclaim any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly
required by applicable securities legislation.





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