Fission Uranium Corp. (
TSX: T.FCU,
Stock Forum) has agreed to subscribe for 22 million common shares of Fission 3.0 Corp. (
TSX: V.FUU,
Stock Forum) in a non-brokered private placement deal priced at $3 million or 14 cents a share.
News of the deal sent Fission 3.0 shares up 19.5% to 12.5 cents on Wednesday, leaving a market cap of $19.5 million, based on 156.1 million shares outstanding. The 52-week range is 19 cents and 6 cents.
Proceeds of the transaction will be used by Fission 3 to advance its early stage exploration on properties in Saskatchewan’s Athabasca Basin.
Previously a wholly-owned subsidiary of Fissioni Uranium, Fission 3.0 is a uranium project generator company with a portfolio of 16 properties, covering 183,000 hectares in the Athabasca Basin, and 5,100 hectares in the Macusani uranium district of southeastern Peru.
The portfolio includes the Patterson Lake North (PLN) property, which covers 27,408 hectares and is adjacent and to the north of Fission Uranium's Patterson Lake South (PLS) high-grade uranium discovery.
“Fission 3 has a tremendous portfolio of properties in the Athabasca Basin region, each with the potential to host high grade uranium at shallow depth, as is the case with Fission Uranium’s Triple R deposit at PLS,’’ said Fission 3.0 Chief operating officer and chief geologist Ross McElroy.
The purchased shares represent approximately 12% of Fission 3’s issued and outstanding share.
Fission Uranium shares eased 3.3% to $1.16., leaving a market cap of $424.5 million, based on 365.9 million shares outstanding. The 52-week range is $1.73 and 65 cents.