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Fission Uranium (V.FCU) completes $25.0 mil special warrant offering

Gaalen Engen Gaalen Engen,
0 Comments| April 1, 2014

Fission Uranium (TSX-V:FCU, StockForum), a Kelowna British Columbia-based uranium exploration firm engaged in acquiring, exploring and developing uranium properties, announced today that the company had closed its special warrant offering.
According to the news release, the offering of 15.63 million special warrants at $1.60 per unit for gross proceeds of $25.0 million and was conducted on a bought deal basis by a underwriter syndicate led by Dundee Securities.
Each special warrant entitles the bearer to exercise it for one common share in Fission at any time after April 1, 2014 for no additional consideration with all unexercised warrants considered to be exercised under two conditions: where the date that is four months and day after closing and “the first business day after a receipt is issued for a final prospectus (the "Final Prospectus") qualifying the Common Shares to be issued upon the exercise or deemed exercise of the Special Warrants by the securities regulatory authorities in the Canadian provinces where the Special Warrants were sold.”
The underwriters received a cash commission of 5% of the gross proceeds raised under the offering along with 898,438 non-transferable broker warrants which can be exercised up to April 1, 2016 at $1.60 per broker warrant.
All securities issued in this transaction are subject to a four month holding period and TSX Venture Exchange approval.
Net proceeds will be directed to exploration and development, and for working and general corporate purposes.
Fission was in the news recently when the company extended the strike length at PLS by 0.5 km.
Currently there are 330.9m outstanding shares with a market cap of $549.4 million.

FULL DISCLOSURE: Fission Uranium is a Stockhouse Publishing client


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