Ross McElroy reports
FISSION CLOSES C$17.07 MILLION BOUGHT DEAL OFFERING
Fission Uranium Corp. has closed its previously announced oversubscribed bought deal financing for aggregate gross proceeds of approximately $17.07-million.
Pursuant to the offering, the company issued 62,090,303 units of the company, including 7,544,803 units issued in connection with the partial exercise of the overallotment option granted to the underwriters in connection with the offering, at a price of 27.5 cents per unit for aggregate gross proceeds of $17,074,833.33. The offering was completed through a syndicate of underwriters co-led by Eight Capital and Sprott Capital Partners, LP, and including H.C. Wainwright & Co., LLC, and Canaccord Genuity Corp.
Each unit will consist of one common share in the capital of the company and one half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of 41 cents for a period of 24 months following the closing of the offering.
The underwriters received a cash commission of 6 per cent of the gross proceeds of the offering, subject to a reduced cash commission being payable on sales to certain members of the president's list, including on the proceeds realized on the exercise of the overallotment option.
The net proceeds of the offering will be used to finance the further development of the Triple R deposit in Saskatchewan, to repay certain amounts owing under the credit facility among the company, Sprott Resources Lending Corp. and Sprott Private Resource Lending II, LP, and for working capital and general corporate purposes.
About Fission Uranium Corp.
Fission Uranium is a Canadian-based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property -- host to the class-leading Triple R uranium deposit -- and is headquartered in Kelowna, B.C.
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