Brien Lundin, in the February, 2016, edition of the Gold Newsletter, says hold Fission Uranium Corp., recently 62 cents. Mr. Lundin said buy five times from February, 2013, to July, 2015, at prices ranging from 74 cents to $1.71. Assuming a $1,000 investment for each of the five buys, the $5,000 position is now worth $3,083. Fission recently arranged an $82-million private placement and an off-take agreement with CGN Mining, a Chinese company. CGN will acquire 96.73 million shares of Fission at 85 cents each, giving it a 19.99-per-cent interest in the company. CGN will also buy at least 20 per cent of the annual uranium production from Fission's Patterson Lake South property in Saskatchewan's Athabasca basin. The deal is expected to close by Jan. 29. (Note: The deal closed on Jan. 26, subsequent to Mr. Lundin's writing this recommendation.) Mr. Lundin applauds the deal for two main reasons: It gives Fission a healthy dose of cash, and it provides a ringing endorsement of the size and potential of Patterson Lake South. Fission is a hold for now, concludes Mr. Lundin, adding, "We'll await the closure of this [CGN] deal, along with the first signs of improvements in the uranium market, to move it back to a buy."
© 2024 Canjex Publishing Ltd. All rights reserved.