Fission 3.0 Corp. (“Fission 3” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “First Tranche”). The Company issued 52,050,000 units (“Units”) at a price of C$0.10 per Unit for gross proceeds of C$5,205,000 and 9,800,000 flow-through shares (“FT Shares”) at a price of C$0.10 per FT Share for gross proceeds of C$980,000, for aggregate gross proceeds of C$6,185,000. Each Unit consisted of one common share (“Common Share”) and one common share purchase warrant (“Warrant”).
Each Warrant is exercisable for an additional Common Share until three years from the date of issuance at an exercise price of C$0.15. If, commencing four months and one day after the date of issuance, the volume weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is higher than C$0.30 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period (the “Acceleration Trigger Date”), the expiry date of the Warrants may be accelerated by the Company in its absolute discretion to the 30th calendar day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The Common Shares, Warrants, common shares issuable on exercise of the Warrants and FT Shares will be subject to resale restrictions for a period of four months from issuance.
In connection with the closing of the First Tranche, Sprott Capital Partners, Sprott Global Resource Investments, Ltd. and certain other finders received an aggregate cash commission of $396,400, representing commissions of up to 8% of the gross proceeds raised by such finders.
The gross proceeds of the offering of FT shares will be used to incur Canadian exploration expenses, which will be renounced in favour 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.
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 Corp.