KELOWNA, BRITISH COLUMBIA, Feb 11, 2015 (Marketwired via COMTEX) -- Fission Uranium Corp. (FCU)(otcqx:FCUUF)(frankfurt:2FU) ("Fission Uranium") and Fission 3.0 Corp. (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.
