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United States : Fission Energy Corp. Closes Arrangement with Denison Mines Corp. and Completes Spin-Out of Fission Uranium Corp.
Publish Date : 30-Apr-2013
FISSION ENERGY CORP. ("Fission" or the "Company") is pleased to announce that its previously announced plan of arrangement (the "Arrangement") with Denison Mines Corp.("Denison") has closed. Pursuant to the Arrangement, Denison acquired all of the outstanding common shares of Fission (the "Fission Shares") with Fission spinning out certain assets into a newly-incorporated exploration company, Fission Uranium Corp. ("Fission Uranium"). Under the Arrangement, each Fission Share was exchanged for 0.355 of a common share of Denison, a nominal cash amount of $0.0001 and a common share of Fission Uranium.
On April 23, 2013, Fission shareholders and optionholders overwhelmingly voted in favour of the special resolution approving the Arrangement. The Arrangement received final approval of the British Columbia Supreme Court and TSX Venture Exchange (the "TSX-V") on April 25, 2013.
In addition, Fission provided approximately C$17 million in funding to Fission Uranium. With the completion of the Arrangement, we are advised that Fission Shares will cease trade on the TSX-V upon close of business on Monday, April 29, 2013 and are expected to be de-listed shortly after that. Fission Shares trading during this time represent only an entitlement to receive the consideration under the Arrangement, as described above. Fission Uranium common shares are expected to commence trading on the TSX-V on Wednesday, May 1, 2013 under the symbol "FCU".
All unexercised Fission options and warrants will be exercisable for common shares of Denison and Fission Uranium on similar terms, adjusted in respect of exercise price and number, using the same exchange ratio as for the Fission Shares.
About Fission Uranium Corp.
Fission Uranium 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 "FCU".
