KELOWNA, BRITISH COLUMBIA--(Marketwire - April 7, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Fission Energy Corp. ("Fission" or the "Corporation") (TSX VENTURE:FIS) announces that further to its news release of March 9, 2010, it has now completed the previously announced private placement of 2,635,000 flow-through common shares at $0.95 per share and 6,250,000 units at $0.80 to raise gross proceeds of $7,503,250. The private placement was carried out on a bought deal basis by a syndicate of underwriters led by Dundee Securities Corporation and including Raymond James Ltd., Salman Partners Inc., Cormark Securities Inc. and Fort House Inc. (the "Underwriters") who exercised 742,000 units through the over-allotment right for additional gross proceeds of $593,600. Each unit consists of one common share and one half of one share purchase warrant. Each whole warrant is exercisable at $1.00 per Share for a twenty-four month period expiring April 7, 2012. In the event that the Corporation's common shares trade at a closing price on the TSX Venture Exchange of greater than $1.60 per share for a period of 20 consecutive trading days at any time after four months and one day after the closing date, the Corporation may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Corporation.
In addition to the brokered private placement, the Corporation has also sold, on a non-brokered basis, 1,392,000 units under the same terms as the brokered private placement for gross proceeds of $1,113,600.
The proceeds of the financings will be used to advance development of the Corporation's properties, for acquisitions and for general working capital. The gross proceeds from the flow through common shares must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2011, to be renounced effective December 31, 2010.
In connection with the Offering, the Underwriters (and the finders under the non-brokered portion) received a cash commission equal to 6.0% of the gross proceeds raised under the offering and that number of non-transferable broker warrants equal to 6.0% of the number of Units and Flow-Through Common Shares sold. Each Broker Warrant will be exercisable into one common share of the Corporation for a period of 24 months from the Closing Date at a price of $1.00 per share.
All the securities issued pursuant to the private placements are subject to a four month hold period expiring August 8, 2010.
For further information please visit Fission's website at www.fission-energy.com, or contact Investor Relations at 1-877-868-8140 or email@example.com.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
ON BEHALF OF THE BOARD
Devinder Randhawa, Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.