Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
KELOWNA, BRITISH COLUMBIA–(Marketwired – April 29, 2015) – Fission Uranium Corp. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission Uranium” or the “Company“) is pleased to announce that it has completed its previously announced bought deal financing for aggregate gross proceeds of C$20,010,000 (the “Offering“).
Lead underwriter Dundee Securities Ltd., along with BMO Nesbitt Burns Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and TD Securities Inc. (the “Underwriters“) purchased, on a bought deal basis, 13,340,000 flow-through common shares of the Company (the “Flow-Through Shares“) (inclusive of the Underwriters’ over-allotment option for an additional 1,740,000 Flow-Through Shares) at a price of C$1.50 per Flow-Through Share the (“Issue Price“).
The Company intends to use the gross proceeds of the Offering for “Canadian exploration expenses” that are “flow through mining expenditures” (within the meaning of the Income Tax Act (Canada)) related to the Company’s Patterson Lake South project. The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2015.
The Flow-Through Shares were offered by way of a short form prospectus filed in all of the provinces of Canada, except Québec, on April 16, 2015 pursuant to National Instrument 44-101 – Short Form Prospectus Distributions.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About Fission Uranium Corp.
Fission 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.”
ON BEHALF OF THE BOARD
| Ross McElroy, President and COO |
| Fission Uranium 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 intended use of proceeds from the Offering, the future operating or financial performance of Fission 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 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.
