Fission launches C$11.25m private placement to fund exploration
TORONTO (miningweekly.com) – Canadian uranium junior Fission Uranium on Thursday announced a C$11.25-million private placement to fund exploration at the Patterson Lake South (PLS) project, in the Athabasca basin, in northern Saskatchewan.
The company inked a letter of engagement with Dundee Securities on behalf of a syndicate of underwriters to buy 7.5-million subscription receipts, exchangeable into flow-through common shares, through a private placement at a price of $1.50 per receipt, for gross proceeds of $11.25-million.
The group of underwriters, which includes Raymond James, Cantor Fitzgerald Canada, Canaccord Genuity and Macquarie Capital Markets Canada, was given the option to buy up to 15% more of the offering at any time up to 48 hours before the closing date, scheduled for October 24.
On September 17, Fission and joint venture partner Alpha Minerals signed a definitive arrangement in which Fission would buy Alpha’s 50% interest in the PLS project.
Fission said that owing to this, the gross proceeds of the placement shall be deposited in escrow and would only be released to the company after the Alpha transaction had closed, the company's non-PLS assets had been spun out into a new company, and after all required third-party and regulatory approvals had been received.
As a result of this, the subscribers would not receive shares in the spin-out company.
In the event that the escrow release conditions were not satisfied before December 10, the gross proceeds of the offering, together with accrued interest, would be returned to the subscribers and the subscription receipts cancelled.
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