Canadian Mining Journal

News

MERGER: Fission proposes Alpha buyout

KELOWNA, British Columbia – Fission Uranium Corp. has proposed to buy up the shares of its Patterson Lake South joint venture partner, Alpha Minerals, in an all-share deal. The two have reported very promising exploration success at their...



KELOWNA, British Columbia – Fission Uranium Corp. has proposed to buy up the shares of its Patterson Lake South joint venture partner, Alpha Minerals, in an all-share deal. The two have reported very promising exploration success at their uranium project in the Athabasca Basin of Saskatchewan and attracted a great deal of positive interest.

Fission is offering 5.3 of its common shares for each Alpha share that Alpha shareholders tender. That represents a price of $7.26 per Alpha share based on Fission’s closing prices on Aug. 23, 2013, said Fission. Alpha would then appoint two members to the Fission board.

Fission’s rationale for the merger is that a single owner at Patterson Lake will send a strong message to the market that the future is promising. A consolidated project will also streamline decision making and cut costs by increasing efficiency.

Fission said its initial proposal expired at 5 pm on Aug. 25, 2013, without Alpha entering into discussions.

Visit either FissionUranium.com or AlphaMinerals.ca for news of the next steps.