Mr. Dev Randhawa reports
FISSION 3.0 CORP. ANNOUNCES UPSIZE OF BROKERED PRIVATE PLACEMENT TO UP TO C$7.0 MILLION
Due to significant investor demand, Fission 3.0 Corp. has increased the size of its previously announced fully marketed, private placement from $5-million to up to $7-million from the sale of the following:
- Up to 11,538,462 units of the company at a price of 13 cents per unit for gross proceeds of up to $1.5-million from the sale of units;
- Up to 24,137,931 flow-through (FT) units of the company at a price of 14.5 cents per FT unit for gross proceeds of up to $3.5-million from the sale of FT units;
- Up to 11,494,253 FT units to be sold to charitable buyers for gross proceeds of up to $2-million from the sale of charity FT units.
Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each FT unit and charity FT unit will comprise one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of 20 cents at any time on or before that date which is 24 months after the closing date of the offering.
Red Cloud Securities Inc. is acting as sole agent and bookrunner under the offering. The agent will have an option, exercisable in full or in part up to 48 hours prior to the closing of the offering, to sell up to an additional $1-million in any combination of units, FT units and charity FT units at their respective offering prices.
The company intends to use the proceeds raised from the offering for future exploration work on the company's projects, corporate development, and general corporate and working capital purposes. The gross proceeds from the issuance of the FT shares will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date no later than Dec. 31, 2021, to the purchasers of the FT units and charity FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares. If the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each subscriber of FT units and charity FT units for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures.
The offering is scheduled to close on or around Sept. 29, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including, but not limited to, the approval of the TSX Venture Exchange. The unit shares, FT shares and warrant shares will be subject to a hold period of four months and one day from the closing date of the offering.
About Fission 3.0 Corp.
Fission 3.0 is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, B.C.
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