Russia takes aim at US nuclear power by throttling uranium
Limits creates potential supply risks to utilities operating American reactors that generate almost a fifth of the country’s electricity.
KELOWNA, BRITISH COLUMBIA–(Marketwire – Nov. 17, 2011) – FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) (“Fission” or the “Company”) is pleased to announce that, further to its press release dated October 27, 2011, the Company has now completed the previously announced private placement of 11,800,000 flow-through common shares (the “Flow-Through Common Shares”) at a price of $0.85 per Flow-Through Common Share for total gross proceeds of $10,030,000 (the “Private Placement”). The Private Placement was conducted on a bought deal basis by a syndicate of underwriters led by Dundee Securities Ltd. and including National Bank Financial Inc., Raymond James Ltd., Primary Capital Inc. and Versant Partners Inc. (the “Underwriters”).
The gross proceeds from the Flow-Through Common Shares must be used to incur Canadian exploration expenses as defined by the Income Tax Act (Canada) by December 31, 2012, to be renounced effective December 31, 2011.
In connection with the Private Placement, the Underwriters received a cash commission equal to 6.0% of the gross proceeds raised under the Private Placement and an aggregate of 623,701 non-transferable broker warrants. Each broker warrant is exercisable into one common share of the Company for a period of 24 months from the closing of the Private Placement at a price of $0.85 per common share.
All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on March 18, 2012.
FISSION ENERGY 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. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol “FIS” and on the OTCQX International electronic trading system in the United States under the symbol “FSSIF”.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.
This press release contains “forward-looking information” that is based on Fission’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the disclosed use of proceeds. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman & CEO
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.
