SASKATCHEWAN – Fission Uranium Corp. of Kelowna, BC, has completed a bought deal financing for gross proceeds of $20.01 million. The company issued 13.34 million flow-through shares plus another 1.74 million as an overallotment at a price of $1.50 per share.
The company intends to use the proceeds for continued exploration at its Patterson Lake South uranium property on the southwest rim of the Athabasca Basin. The property hosts the Triple R deposit, the largest undeveloped uranium deposit in the basin.
In only two years of drilling, Fission has outlined an indicated resource containing 79.6 million lb of uranium oxide and an inferred resource of 25.9 million lb. The high grade mineralization is a basement hosted, structurally controlled zone found at shallow depth. It remains open in several directions.
Visit the company’s website at FissionUranium.com or read the February 2015 43-101 report by clicking here.