Fission 3.0 Corp. (“Fission 3”) (TSX VENTURE SYMBOL: FUU) is pleased to announce a non-brokered private placement financing to sell on a best efforts basis, up to C$2.5 million in flow-through Shares at a price of C$0.10 per share and up to C$2.5 million units at a price of C$0.10 per unit. Each unit consists of one common share and one common share purchase warrant exercisable at C$0.15 for a period of 2 years.
A finder’s fee may be paid and the Company may grant finders a Finders Warrant in accordance with the policies of the exchange. Each Finders Warrant would be exercisable into one common share at a price of C$0.10 per common share for a period expiring 2 years from the date of grant of the Finders Warrant. Sprott Capital Partners and affiliates will be acting as a finder in the private placement financing.
Closing of the offering is anticipated to occur on or before the end of September 2018 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.
The common shares, warrants and flow-through shares will be subject to resale restrictions for a period of four months from the closing date.
The gross proceeds of the offering of flow-through shares will be used to incur Canadian exploration expenses, which will be renounced in favor of the purchasers for the 2018 taxation year. The net proceeds from the sale of the units will be used to advance development of the Company’s properties and for general working capital. (See Fission 3 news release date June 12, 2018.)
In addition, Fission 3 has entered into a binding letter of intent with Rhyolite Lithium Corp. (“Rhyolite”) pursuant to which Rhyolite can earn up to an 80% interest in Fission 3’s mining concessions located in Peru. Rhyolite has made an upfront payment of C$100,000 and has until September 10, 2018 to complete its due diligence on the project and the Earn-in Agreement. Stage one of the earn-in contemplates property expenditures of not less than $2.5 million by December 19, 2019. Fission 3 would be the operator of the project and would maintain a minimum 35% of the project through an ownership interest of 19.9% of Rhyolite.
About Fission 3.0 Corp.
Fission 3.0 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. Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
Source: Fission 3.0