Canadian Mining Journal


Fission powers on following failed Denison deal

VANCOUVER — The dust is beginning to settle for Fission Uranium (TSX: FCU; US-OTC: FCUUF) following a failed merger with Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN), but the company isn’t out of the woods yet due to the emergence of an activist retail shareholder group intent on a proxy battle.

The two companies were forced to terminate a share-centric deal after Fission could not generate enough shareholder support to meet the two-thirds approval threshold. The company’s primary asset is the high grade Patterson Lake South (PLS) uranium discovery in Saskatchewan’s Athabasca Basin.

According to CEO Dev Randhawa, Fission managed to get into the “mid-50 percent” range of votes, but could not clear the hurdle due to opposition from retail shareholders. The merger fell through despite the fact Lundin made a trip to Toronto in early October to sell the concept.

“Honestly, I had a pretty good idea the deal wasn’t going to go through early on. I think the preliminary economic assessment (PEA) had a big impact simply because it was so strong,” Randhawa elaborated during an interview.  …

Fission released the PEA roughly two months after announcing its intentions to merge with Denison.

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