KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2015) - Fission Uranium Corp. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission Uranium") and Fission 3.0 Corp. (TSX VENTURE:FUU) ("Fission 3") are pleased to announce that they have entered into a subscription agreement (the "Subscription Agreement"), pursuant to which Fission Uranium will purchase, on a non-brokered private placement basis (the "Transaction"), 22,000,000 common shares (the "Purchased Shares") of Fission 3 at a price of C$0.14 per Purchased Share for a total subscription price of C$3,080,000. The Purchased Shares will have a hold period of four months and one day from closing.
The Purchased Shares represent approximately 12% of Fission 3's issued and outstanding share capital. The Transaction is currently anticipated to close on February 24, 2015 and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange.
The proceeds from the Transaction will be used by Fission 3 to advance its current high profile early stage properties.
Dev Randhawa, Chairman and CEO for Fission Uranium, commented,
"With the spot price of uranium up 35% in the last six months, the large number of reactors under construction worldwide and news out of Japan pointing to reactors restarting early summer, there are strong indications that uranium has turned. The timing is therefore ideal for acquiring an interest in high-quality assets such as Fission 3's Athabasca Basin portfolio."
Ross McElroy, COO, and Chief Geologist for Fission 3.0, commented,
"Fission 3 has a tremendous portfolio of properties in the Athabasca Basin region, each with the potential to host high-grade uranium at shallow depth, as is the case at Fission Uranium's Triple R deposit at PLS. This private placement will facilitate high-priority exploration on some of the most prospective projects. As a strong project generator, Fission 3 will continue to seek joint venture partnerships on a project by project basis - as with PLN, Clearwater West and most recently, Key Lake."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Fission Uranium Corp.
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 world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. 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".
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. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU".
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman and CEO
Fission Uranium Corp.
ON BEHALF OF THE BOARD
Ross McElroy, COO
Fission 3.0 Corp.
Cautionary Statement: Fission Uranium Corp.
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 regarding the future operating or financial performance of Fission and Fission Uranium 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: market conditions 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.
Cautionary Statement: Fission 3.0 Corp.
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 regarding the future operating or financial performance of Fission 3.0 Corp. 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: market conditions 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 Fission 3.0 Corp. 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.
Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com
Fission 3.0 Corp.
Rich Matthews
Investor Relations
TF: 778-484-8030
rich@fission3corp.com
www.fission3corp.com