/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
KELOWNA,
BC, Sept. 26, 2023 /CNW/ - FISSION URANIUM
CORP. ("Fission" or the "Company") is
pleased to announce that it has entered into an agreement with
Canaccord Genuity Corp. and SCP Resource Finance on behalf of
a syndicate of underwriters (collectively, the
"Underwriters"), pursuant to which the Underwriters have
agreed to purchase, on a "bought deal" basis, 6,722,689
flow-through common shares of the Company (the "Flow-Through
Shares") that will qualify as "flow-through shares" (within the
meaning of subsection 66(15) of the Income Tax Act (Canada)) at a price of $1.19 per Flow-Through Share (the "Offering
Price") for gross proceeds of $8,000,000 (the "Offering").
The Company has granted the Underwriters an option, exercisable
at the Offering Price at any time and from time to time for a
period of 30 days following the Closing Date (as defined herein),
to purchase up to an additional 15% of the number of Flow-Through
Shares sold under the Offering to cover over-allotments, if any and
for market stabilization purposes. The Offering is expected to
close on or about October 4, 2023
(the "Closing Date") and is subject to the Company receiving
all necessary regulatory approvals.
The gross proceeds of the Offering will be used by the Company
to incur eligible "Canadian exploration expenses" that will qualify
as "flow-through mining expenditures" as such terms are defined in
the Income Tax Act (Canada) (the
"Qualifying Expenditures") related to the Company's PLS
project located in Saskatchewan,
Canada on or before December 31,
2024. All Qualifying Expenditures will be renounced in
favour of the subscribers effective December
31, 2023.
The Flow-Through Shares will be offered by way of a prospectus
supplement in each of the Provinces of Canada (other than the Province of
Quebec) and may also be offered by
way of private placement in the United
States and such other jurisdictions as agreed between the
parties. The Flow-Through Shares will be issued as charitable
flow-through common shares of the Company.
The securities to be offered pursuant to the Offering have not
been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") or any U.S.
state securities laws, and may not be offered or sold in
the United States or to, or for
the account or benefit of, United
States persons absent registration or any applicable
exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Fission Uranium
Corp.
Fission Uranium Corp. is an award-winning Canadian-based
resource company specializing in uranium exploration and
development. The company is the owner and developer of the PLS
uranium project – a proposed high-grade mine and mill located in
the Athabasca Basin, Saskatchewan, Canada. The company is
headquartered in Kelowna, British
Columbia. Fission's common shares are listed on the Toronto
Stock Exchange under the symbol "FCU" and trade on the OTCQX
marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
"Ross McElroy"
_________________________
Ross McElroy, President and
CEO
Cautionary Statement:
Certain information contained in
this press release constitutes "forward-looking information",
within the meaning of Canadian legislation. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur", "be achieved" or "has the potential
to". Forward looking statements contained in this press release may
include statements regarding the use of proceeds of the Offering,
the timing for completion of the Offering, the future operating or
financial performance of Fission and Fission Uranium which involve
known and unknown risks and uncertainties which may not prove to be
accurate. Actual results and outcomes may differ materially from
what is expressed or forecasted in these forward-looking
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Among those factors which could cause actual results to differ
materially are the following: market conditions and other risk
factors listed from time to time in our reports filed with Canadian
securities regulators on SEDAR at www.sedar+.com. The
forward-looking statements included in this press release are made
as of the date of this press release and the Company and Fission
Uranium disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
SOURCE Fission Uranium Corp.